How the Award of a Scholarship Will Help Me to Realise My Full Potentials - Accountancy Essay Example
REGISTRATION NUMBER: 2463407 DATE: May 2, 2013 PAGE: 1 How the award of a scholarship will help me to realize my full potential In my career It will help me to be dedicated to the accounting profession that requires a high level of skill and a commitment to serving the public interest - How the Award of a Scholarship Will Help Me to Realise My Full Potentials introduction. Also, it will enhance my focus on studying ACCA to acquire and acquaint myself with ACCA ‘ s own Code of Ethics and Conduct in line with standards set by IFAC: five fundamental principles of Integrity , Objectivity , professional competence and due care , confidentiality and professional behavior.
Candidly, these principles demonstrate what it means to be a professional accountant and act as the criteria against which my behavior as a member is measured. They will guide my judgments, decisions and actions when acting in a professional capacity, and when faced with ethical dilemmas. My judgment is enhanced to help businesses manage risks, champion enterprise and create value in this period of global economic recession.
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If given the opportunity to complete the ACCA program through the Simpson Scholarship benefits, the highlighted qualities will be evidenced in the discharge of my professional duty wherever I find myself as I will be talking from the point of a trained and well-bred professional accountant as a member through this assisted project. In my country
The diagnostic survey conducted in 2001 as reported by Kenneth Enoch Okpala into the Federal Government of Nigeria’s public procurement revealed that Nigeria lost several hundred billions of Naira over the last few decades due to flagrant abuse of procedures, lack of transparency and merit in the award of contracts in the public sector. Measures like legislative committees, financial audit, ministerial control, judicial reviews, anti-corruption agencies, advisory committees, parliamentary questions and public hearings were suggested to ensure accountability in the public sector.
This study investigated accountability in the Nigerian Public Sector. The population of the study is Nigeria Public Sector and the sample frames were drawn from the Ministry of Works and National Assembly of Nigeria. The result showed that there is a weak accountability in Nigeria due to weak accounting infrastructure, poor regulatory framework and attitude of government officials. It was recommended that the government, professional accounting bodies and citizens should work
REGISTRATION NUMBER: 2463407 DATE: May 2, 2013 PAGE: 3 together to have a meaningful resolution on the issue of a “Fiscal Accountability Dilemma in Nigeria Public Sector: A Warning Model for Economic Retrogression” as a matter of urgency. Simpson Scholarship, if given, will further strengthen my pursuance of the ACCA program to the final stage and this will enable me to join about one hundred million citizens to fight for improved public integrity, and transparent accountability of public fund.
Worthy of note, the Federal Government of Nigeria signed into law the Financial Reporting Council of Nigeria Act 2011 to support the adoption of IFRS (International Financial Reporting Standard) in Nigeria. This new Act replaced the Nigeria Accounting Standard Board (NASB) Act which celebrates the local adoption of Statement of Accounting Standards (SAS). With the new Federal Government of Nigeria promulgation, all publicly listed entities are to prepare their financial statements using applicable IFRS by January 1, 2012. While other unquoted, private companies are expected to mandatorily adopt IFRS, for statutory purposes, by January 2013.
Small and medium entities are not exempted. They will join the trail latest as at January 1, 2014. REGISTRATION NUMBER: 2463407 DATE: May 2, 2013 PAGE: 4 When writing ACCA exams, the financial reporting line is tailored in line with IFRS. As a student member, I will enjoy both academic and professional touch which will prepare me to meet the training gaps in my country, Nigeria. The role of Simpson Scholarship program cannot be over-emphasized in this direction as it will inevitably enhance this delivery of accomplishing my goal of passing the exams in good time. Journey to Membership
With sufficient evidence to back my claims, I had had to take up a loan facility in my present place of work to start this program again. In retrospect, I initially registered for the program in 2003 but could not write the exams because of my financial limitations. On sighting the privilege to opt in for a scholarship sent to my mail on the 23rd of April,2013, I was encouraged, elated and hopeful . With Simpson scholarship benefits , I am on the pathway to fulfilling my dream of becoming a respected member of the prestigious professional accountancy body in the world.