THE ROLE OF CLOUD ACCOUNTING AND INTEGRATED FINANCIAL REPORTING SYSTEM IN ENHANCING FINANCIAL DECISION MAKING

This study investigated the role of cloud accounting and integrated financial reporting system in enhancing financial decision making. Financial reporting quality (FRQT) was measured in terms of qualitative characteristics of financial report as provided by IASB conceptual framework. The research design adopted in this study was survey design. The population of the study consisted of all respondents drawn from the thirteen different deposit money banks in Oyo State. However, the sample size of this study was 13 DMBs. Secondary data were obtained through multiple sources such as statistical bulletin and financial reports of the 13 used DMB. In order to examine the cause-effect relationships between the dependent variable and independent variables as well as to test the formulated hypotheses, the study relied on analysis of variance(ANOVA) to analysed the data. The results obtained from the analysis revealed that robust cybersecurity measures in safeguarding financial data and mitigating risks associated with cloud-based accounting systems, reflecting evolving accounting practices and regulatory requirements in an increasingly digitalized environment. Thus, it was concluded that cloud accounting has significant effect on the financial reporting quality of deposit money banks in Nigeria. Based, on these findings, we recommended that banks should adopt cloud accounting to accelerate innovation, drive business agility, streamline cost and most importantly increase the financial reporting quality.