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EFFECT OF ETHICAL ACCOUNTING PRACTICES ON ORGANIZATIONAL PRODUCTIVITY IN NIGERIA

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CHAPTER ONE

INTRODUCTION

1.1. BACKGROUND TO THE STUDY

In recent years, widespread moral lapses and corporate financial scandals have brought the topic to the forefront. Corporations are rushing to adopt codes of ethics, strengthen ethical and legal safeguards, and develop socially responsible policies. Every decade sees its share of corporate, political, and social villains, but the pervasiveness of ethical lapses in the early 2000s was astounding. Over the years the term ethics in organizational performance has long been associated with management scholars and business leaders around the world. There is a broad agreement that as a matter of corporate policy, every organization should strive to be committed in a manner that is ethically transparent. The concept of ethics simply deals with how decisions affect other people and organization. One of the unique features of most recognized trades and vocations including the highly regulated accounting profession is the existence of code of ethics which are the hallmarks of global best practices.

The society evaluates the performance of professionals on the basis of both moral and technical codes. Adherence to these codes by the practitioners of the profession inspires confidence in the work of the professional by shareholders who depends on the auditor’s opinion as a means of evaluating the integrity of financial statements. The huge and embarrassing corporate failures and high profile frauds in the last two decades has called to question the integrity of the accounting profession both within and from outside the profession, leading to increased demands for ethics within the auditing profession. While the inherent risks in the marketplace, the potential for business failure, or the possibility of human mistakes cannot be entirely eliminated, the principle of professional ethics requires professional accountant to conduct themselves honestly, and in accordance with applicable professional standards. Traditionally, the key feature of a profession is anchored on the grant of a special franchise by society who expects the practitioners of that profession to accept responsibility to provide a degree of regulation and enforcement through expert advice and persuasion thus, relieving the society of the burden of providing that control by other means (Mautz, 1988). A profession is distinguished by the general belief in its ability to deliver unique, specialized and restricted services to the public and the development of an internal rules aim at guiding, directing and regulating members’ professional conduct

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EFFECT OF ETHICAL ACCOUNTING PRACTICES ON ORGANIZATIONAL PRODUCTIVITY IN NIGERIA
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