A professor of Financial Accounting, Onofowokan Oluyombo, has kicked against the proposed dichotomy between auditing and taxation which are key areas of the accounting profession.
Oluyombo said the profession had been unable to meet the expectations of the public due to the division, as he delivered the ninth inaugural lecture of the Pan Atlantic University themed, The Accounting profession: Throw back, throw in and throw out, last Thursday in Lekki, Lagos.
He said, “Auditing and taxation are key areas of accounting. The decision to separate taxation and auditing from the accounting profession is not an enviable one.
“Those who teach these subjects and other areas of accounting, such as costing and management accounting, are academics. While specialisation cannot be foreclosed, a dichotomy need not exist because of public expectation from the accounting profession.”
Oluyombo, who is the Head of the Department of Accounting at the university, also lamented the new trend of accountants not following the chronological order of recording transactions.
He said, “In financial accounting, there is the need to follow a chronological order in the recording of transactions and presentation of financial reports. Unfortunately, a majority of those with accounting knowledge do not follow this systematic recognition.”