Francis Iyoha, an accounting professor, has encouraged the Federal Government to include spirituality as a subject in the university curriculum to help combat corruption and fraud.
Iyoha, a senior lecturer in Covenant University’s Accounting Department in Ota, Ogun State, offered the advice during the institution’s 27th Inaugural Lecture.
“Actuating Spirituality for Ethical Accounting Practice” was the topic of the talk.
He claimed that incorporating spirituality into educational institutions’ curricula will aid in the correction of errors and the reduction of unethical activities in the country.
The accountant went on to say that this would also guide the accounting profession back to the road of honor and solve the system’s moral decay.
“The importance of ethics education in our higher education institutions cannot be overstated, as it will have a positive and considerable impact on the ethical behavior of future leaders, accountants, and managers,” Iyoha added.
He said that unethical behaviors leading to corruption and fraud had become a worry as a result of fraudulent assertions of audited results, which had resulted in the closure of numerous enterprises, both domestic and international.
“When hiring accountants and auditors, private and public companies should emphasize spirituality in their job schedules and offerings.”
“Moreover, the Accounting Standard Setters and Professional Accounting Organization should emphasize spirituality in their conceptual framework and design standards that foster spirituality,” he added.
Professor Abiodun Adebayo, Vice-Chancellor of Covenant University, bemoaned the closure of various enterprises and organizations due to unethical accounting standards in his welcome address.
According to him, Manipulation of figures, a lack of bravery to blow the requisite whistle, and a sin of omission, among other things, are examples of unethical accounting standards.
Many governments and regulatory organizations around the world have been prompted by this worry, according to Adebayo, to reassess legislation controlling accounting standards, finance, and corporate governance.
The institution, according to the vice-chancellor, has established a Spirituality Centre that would train a new generation of leaders in impactful leadership.