A CRITICAL REVIEW OF ACCOUNTING SYSTEM IN NIGERIA INSURANCE INDUSTRY(A CASE STUDY OF INDUSTRIAL AND GENERAL INSURANCE COMPANY LTD)

This study will survey a critical review of the accounting system in Nigeria’s insurance industry. This study as a case study is an attempt to review the problems of accounting system in industrial and general insurance company limited. It has become necessary because of proper understanding and correct treatment in various items in the account. This study will make a fair contribution towards the understanding of the treatment of various items by insurance companies. In collecting the data for the study, the researcher will made use of the tools like structured and in structured interview and question will form primary method data collection while secondary will consist annual report, accounts, journals, insurance year book, and text books etc. Finally, the conclusion will be that though there are lack of proper understanding and correct treatment of various items in the accountant of the insurance companies, however, the problem can be solve if the researcher can bring to light the difference in the treatment of various items by insurance companies and its effect on intra and inter-company comparison.