IMPACT OF TECHNOLOGY ON ACCOUNTING PRACTICES ON DEPOSIT MONEY BANKS IN EKPOMA, EDO STATE

Abstract

Business organization globally discovered that meeting stakeholders’ information needs is very germane to their strategic objectives. The study examined the impact of technology on accounting practices in Nigeria. The study covers nine (9) Deposit Money Banks in Ekpoma, Edo State namely: The study focused on three aspects of impact of technology namely: artificial intelligence; software on accounting practices and cloud computer accounting practices in Nigeria. The descriptive research design using the survey methods was adopted in this study. The population of this study covers all the auditors and accountants in all the nine (9) Deposit Money Banks in Ekpoma, Edo State namely. A sample of 72 bankers was selected from all the deposit money banks in the study area. A sample of 8 auditors and accountants was drawn by convenience sampling from all the banks in Ekpoma-Edo State. The instrument used for the collection of data was a self-developed questionnaire. Data collected was analysed with percentages (%) and frequency distribution table while the hypotheses were tested using Chi-square statistics (X2). The data were all analysed and tested at 0.05 level of significance using Statistical Package for Social Sciences (IBM SPSS®). The result shows that artificial intelligence (AI), (X2cal. > X2 tab), accounting software (AS) (X2cal. > X2 tab) and cloud computing (CC) (X2cal. > X2 tab) significant influence accounting practices in the banking industry in Edo State. It was therefore recommended that banks must ensure that the adoption of new technologies aligns with ethical guidelines and complies with the relevant regulatory authorities to maintain public trust and uphold industry standards.