Accounting Information Today

In: Business and Management

Submitted By festus
Words 8010
Pages 33
CHAPTER ONE

1. INTRODUCTION
1.1 BACKGROUND TO THE STUDY The advancement of technology and its effects on information systems in organizations have been of major concern to the industrialists, investors and the general public in the recent times. Electronic technology has replaced the traditional methods of keeping records. The financial institutions (including banks) in most part of the world now embrace electronic technology through the use of Electronic Funds Transfer facilities (EFT), Automated Teller Machine (ATM) and Magnetic Ink Character Recognition (MICR). Automated equipment is now used to process billions of cheques in a short time. Telex Machines are used to ‘wire’ money in commercial transactions from banks in one country to another. The advancement has led to all banks in Nigeria being made IT compliance statutorily. In fact, CBN requires all banks to comply with the use of the new Electronic Financial Analysis and Surveillance System (EFASS) to submit their monthly returns. Infrastructural technology devices have therefore become significant determinant of how well basic functions are performed, as technology has prompted changes in organizational design that affect the quality and timeliness of intelligence and decision making, and the organizational goals as a whole. With quality of information, good decisions will be made and this will enhance the successful attainment of organizational goals and objectives. Information system has become a very powerful agent of change and it is transforming the way businesses are conducted and the way companies operate. Therefore, accountants, as information management professionals, must therefore be major players in technology revolution in every organization. However, within an organization, the Accounting Information System (AIS) is resulted from the structured and successful integration of three…...

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