Book Keeping & Its Ethics JSS2 Business Studies Lesson Note

 BOOKKEEPING ETHICS

Corruption is everywhere, it is a universal problem and everybody wants to eradicate it.

The concept of TAP came about because of this reason.

T – Transparency.

A – Accountability

P – Probity.

T – Transparency means to be clear, easily understood, or quality of being truthful or without a hidden agenda. It also means being honest and trustworthy.

A – Accountability means to be responsible for any action that takes place. That is someone is answerable for his/her actions and responsible for rectifying issues and errors resulting from decisions.

Accountability means being able to give a reason or explanation for an action you have taken.

P – Probity means to be upright and have high morals and integrity and to be very honest in your position, responsibility, and money in your custody and your office.

    Need for transparency, accountability, and probability {TAP}. The public and private sectors must maintain transparency, accountability, and probity in management because:

• It promotes public integrity.
• The rule of law should be maintained.
• Business should be done in a good way both by the government and private sector.
• It reduces the incidence of bribery and corruption in every field.
• Good governance and good government should be maintained.
• It encourages foreign direct investment, FDI.
• It can reduce the waste tax payer’s money.
• It can make the citizens of the Nigerian well informed about the action taken by the government.

ATTRIBUTE OF TAP:

Public, private, and government and business most exhibit to be seen to be transparency, accountability, and above board in their dealings :

• Truthfulness
• Openness
• Fairness
• Impartiality
• Due process
• Respect for the rules of laws.

LACK OF TAP / PROBLEM OF LACK OF TAP.

• Increased cases of bribery.
• Embezzlement
• Diversion of public funds into private pockets.
• Poor infrastructure – roads, water, and electricity will not be maintained
• Increased incidence of fraud.
• Disregard for the rules of law.
• Increased nepotism in Nigerian government operations.
• Taxpayers, funds are wasted on things not needed.
• Perversion of the justice system.
• Lack of openness in one conduct of government