CHAPTER ONE

INTRODUCTION

1.      BACKGROUND

Accounting is important not because it is a product of its environment, but rather because it shape its environment and plays a significant role in the conduct of economic, social, political legal and organizational decision and action.

          In the colonial days, most Nigeria was engaged in agriculture at subsistence level.

          Industrial activities were carried out by the very few number of British companies then available. There were therefore hardly any organized major economic activities and the level of economic development was cow. At this period, there was no greater need for the service of Nigeria accountants and as result, there was no established organization of accountant in Nigeria.

          Most Nigeria accountant and as a result there was no established organization of accountant because almost all the manufacturing companies then had foreign connection and they recruited their high level manpower from their home country.

          Following the advancement in the level of industrialization and its attendant effect on the need for qualified accountant, few Nigerian who qualified with professional bodies oversees came together and formed as association called the association of accountant in Nigeria. The growth of the profession however could be related to the establishment by act of parliament (no 15) 1965 of the institute of  chartered accountant of Nigeria (ICAN) the main object of this institute as to regulate entry into the accounting profession by determine the  standard of knowledge and skills to be attained by prospective accountant.

          This research paper focuses on the growth and prospect of accounting profession in Nigeria. The following related discussion are embodies namely historical development of the accounting. Profession in Nigeria, the roles of the institute of chartered accountant of Nigeria (ICAN) and other related agencies and professional and its changing discussion, and analysis of the growth problem and prospect of the profession in Nigeria is conducted.

          Finally, it effects some suggestion and recommendation necessary for rapid growth in the profession in Nigeria.