Cloud Accounting and Quality of Financial Reporting in the Nigerian Deposit Money Banks
The business environment in which deposit money banks operate has experienced an increase in the level of technological advancement besides the changing needs and wants of investors and regulatory authorities. Therefore, this study investigates cloud accounting and the quality of financial reporting of Nigerian deposit money banks. The study used the survey research design because the opinions of persons concerned about the subject matter were gathered. Data for the study was obtained from primary sources through the administering of a well-structured questionnaire. The population of the study consisted of 100 staff in the IT Department and internal control unit in the selected three State Capital in South West. The study samples seventy-two (72) staff in the Department of Information Technology (IT) and internal control unit in the deposit money banks (DMBs) and used Random Sampling Technique and Stratified Sampling Technique to select DMBs’ in Abeokuta Ogun state, Ibadan in Oyo state, and Akure in Ondo states based on the year of their creation. The findings revealed that truthfulness is statistically insignificant in the quality of financial reporting. Furthermore, the findings revealed that usefulness has a significant difference in the quality of financial reporting of Nigerian (DMBs). The study concludes that cloud accounting represents a transformative leap forward in financial management, offering unparalleled flexibility, accessibility, and efficiency to businesses of all sizes. Financial institutions continue to embrace digital transformation, adopting cloud accounting not just as a strategic choice but as a fundamental necessity for staying competitive and future-ready. The study recommended…