Covenant News

Professor Iyoha Seeks Spiritualization of Accounting Practice

Though Spirituality is a word we do not always think or talk about in the context of accounting practice, it nonetheless holds a great potential to build ethical consciousness and actions into the accounting profession and humanize the practice, a Professor of Accounting, Francis Iyoha, has declared.

He made the declaration on Friday, April 8, 2022, while delivering the 27th Inaugural Lecture of Covenant University titled: “Actuating Spirituality for Ethical Accounting Practice Forever”.

The inaugural lecturer, who earnestly desired to elicit stakeholders’ support in spiritualizing the practice of accounting through the synchronization of the letter and the spirit of accounting, said no profession would be wholesome if the professionals lack awareness, courage, and motivation rooted in spirituality.

He described accounting as the form, manner and order of conducting and carrying out accounting functions and services that meets users’ needs. He said that it involved adherence to and applying accounting, auditing, and ethical standards, policies, rules, and pronouncements in producing final information.

According to him, the business world had not been able to voluntarily extricate itself from the unethical and unspiritual business transactions. Consequently, he added, the profit motive continued to trump the God factor as management morality and ethics remained misaligned, providing fertile ground for irreligious and unscriptural practices to thrive.

“Before the profession cascades towards explosion, all hands should be on deck to make it glow with spiritual fervor by coming to the understanding that the place of God in our profession should always be emphasized. It will undoubtedly reset the minds of present and future Accountants such that it will come to be appreciated that accounting practice without spirituality is a wasteful endeavor,” said Professor Iyoha.

He said that it was time for Accountants to surrender their hearts and will to God forever in the practice of accounting.

In his remarks, the Vice-Chancellor, Covenant University, Professor H. Adebayo, acknowledged that the lecture had been very inciting, eliciting wonderful remarks that should be included in the accounting books. He said the accounting practice was premised on fruitful stewardship and the lecture showed that the profession was redeemable.

“We need faithful men and women in driving the society. This lecture serves as a clarion call to all the stakeholders to return to the pathos of the founding fathers of accounting,” said the Vice- Chancellor.

Apparently addressing the issue of Covenant University including Spirituality in her curriculum as proposed by the inaugural lecturer, Professor Adebayo said that it was germane “because we need to begin to inject morals in our youths. It would serve as remedy to moral decadence in our society”.

The 27th Inaugural Lecture of Covenant University had in attendance members of the University Management, the Senate, faculty, and staff including family members of the inaugural lecturer and distinguished guests.

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