CLOUD ACCOUNTING AND FINANCIAL REPORTING QUALITY OF DEPOSIT MONEY BANKS

ABSTRACT

The study is informed by the quest to examine the series of cloud accounting and financial reporting quality of deposit money banks (DMBs) in Nigeria. Results shows that the financial reporting quality of deposit money banks is positively, significantly related to cloud accounting and that cloud accounting affects financial reporting quality. Quality of financial information, relevance, faithful representation, efficiency, and the information on corporate governance has been enhanced through the adoption of cloud accounting by deposit money banks. However, it is recommended that a comparison of the cloud accounting usage in a different field and also in different banks could provide some insights into institutional and cultural factors, influencing the decision to use cloud accounting, alongside the use of cloud accounting technology that help improve the quality of their financial reporting, striving to expand and be large in terms of their asset base, and having lower leverage ratios by having less debt. The research adopted a survey research design. Data was basically collected by primary means through questionnaire, a total number of fifty (50) questionnaires was distributed evenly among ten (10) deposit money banks in Benin City, Edo State. Five hypotheses were formulated and tested with the use of regression analysis and T-test. Based on the result of the analysis, the five null hypotheses were rejected, and the alternate hypotheses accepted. It was thereby concluded that; cloud accounting has significant impact on perception financial reporting quality of deposit money banks (DMBs). The study proposed the need for deposit money banks to institute more robust cloud accounting practices that will help improve the quality of their financial reporting quality and therefore improve their overall value.