A professor of accounting, Francis Iyoha, has urged the Federal Government to introduce spirituality as a subject into the tertiary curriculum to further check corruption and fraud in the country.
Iyoha, who is a senior lecturer in Accounting Department, Covenant University, Ota, Ogun State, gave the advice during the 27th Inaugural Lecture of the institution on Saturday.
The lecture had the theme: “Actuating Spirituality for Ethical Accounting Practice.”
He said that the introduction of spirituality into institution’s curriculum would help to tackle error and reduce unethical practices in the country.
The accountant added that this would also lead the accounting profession to return to the path of honour and address moral decadence in the system.
“The teaching of ethics in our higher education institutions cannot be overemphasised as it will impact positively and significantly affected ethical behaviour of leaders, accountants, and managers trained for the future challenges,” Iyoha said.
He noted that the issue of unethical practices leading to corruption and fraud had become a concern as many companies, both local and international, had closed down due to false declarations of audited results.
The private and public companies need to emphasise spirituality in their job schedules and offering when hiring accountants and auditors.
“In addition, the Accounting Standard Setters and Professional Accounting Organisation should also emphasise spirituality in its conceptual framework and develop standards that encourage spirituality,” he said.
In his welcome address, the Vice Chancellor of Covenant University, Professor Abiodun Adebayo, lamented that several businesses and organisations had shut down due to unethical accounting standards.
According to him, such unethical accounting standards include manipulation of figures, lack of courage to blow the necessary whistle, and sin of omission, among others.
Adebayo said that this concern informed many government and regulatory agencies around the world to review regulations governing accounting standards, finance, and corporate governance.
The vice-chancellor said that the institution had set up a Spirituality Centre that would train a new generation of leaders on impactive leadership.