




































Indian Journal of Finance and Banking 

 Vol. 5, No. 2; 2021 

                                       ISSN 2574-6081   E-ISSN 2574-609X 

Published by CRIBFB, USA 

 

85 

THE ROLE OF INFORMATION TECHNOLOGY IN 

IMPROVEMENT OF QUALITY OF THE FINANCIAL REPORTS 

PREPARED BY THE COMMERCIAL BANKS IN BANGLADESH 
 

 

Dr. Md. Abu Sina 

Professor 

Department of Accounting and Information System 

Islamic University, Kushtia, Bangladesh 

E-mail: drabusina1970@gmail.com 

 

Md. Shahnur Azad Chowdhury 

Associate Professor 

Department of Business Administration 

International Islamic University Chittagong, Bangladesh 

E-mail: tipu_iiuc@yahoo.com 

 

Md. Tafhim Shakib 

Research Fellow 

Department of Business Administration 

International Islamic University Chittagong, Bangladesh 

E-mail: nebulastar333@gmail.com 

 

Sultana Akter 

Assistant Professor 

Department of Business Administration 

International Islamic University Chittagong, Bangladesh 

E-mail: sa_maya@rocketmail.com 

 

A. B. M. Yasir Arafat 

Lecturer 

Department of Computer Science and Engineering 

International Islamic University Chittagong, Bangladesh 

E-mail: abmya89@yahoo.com 

 

 

ABSTRACT 

In the 21
st
 century, from bank to insurance, multinational companies to government offices have 

increased thousands of times their profitability, productivity, sustainability, and also market expansion 

through the successful uses of ICT. Today another aspect is the preparation of a high-quality financial 

report that relies entirely on the information. Quality information depends on several characteristics 

like completeness, accuracy, timeliness, consistency, validity, accessibility, and integrity of that 

information, etc. Having these characteristics in financial information is the prerequisite for good 

financial reporting. Usages of IT have a great role in producing quality information and financial 



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86 

reporting consequently. The use of IT in the banking sector is more sophisticated than in other sectors 

in Bangladesh. Therefore, the purpose of this research is to examine analytically the relationship 

between the use of Information Technology and the quality of financial reporting. Using primary data 

sourced a structured questionnaire was administered to selected banks in Bangladesh and data analysis 

was done through the General Regression Model by OLS method to examine the nature of the 

relationship that exists between the quality of financial reports and the Adoption of Information 

Technology. The result of the data analysis of the study showed that a positive correlation exists 

between IT and the quality of reports. 

 

Keywords: Information Technology, Financial Report, Quality. 

 

JEL Classification Codes: M1, M15, Q55. 

 

INTRODUCTION 

Financial reporting is the tool to interconnect various kinds of financial information that is very much 

valuable for making a decision related to investment, credit, and other business activities. Usually, it 

includes general purpose financial statements like balance sheets, income statements, cash flow 

statements, equity reports, and many other various kinds of statements. It is the method to demonstrate 

financial data about the flow of funds, financial health, and operating performance of a firm. These are 

usually published in the company's annual reports. So, it has great importance to the investors to make 

an investment decision. It is of the same importance for the organization to have an actual position of 

the firm and plan. So, the report should be standard enough that lead both the investors and the 

company in the right direction. There are several dimensions of the quality of the repost like as 

relevance, understandability, reliability, and comparability. Technology helps to enhance the quality of 

financial reports of today's business using IT like computers, hardware, and software in order to make a 

decision effectively from strategic to the operational level. Although at the early stage of IT, it was very 

limited use to accounting system but today's IT is a broader area supporting ERP with business 

intelligence appliance. Now It is time to conduct research to recognize modern technologies and how 

they should be used to progress the dimensions of Reporting in terms of relevance, understandability, 

reliability, comparability, and other quality dimensions. 

 

STATEMENT OF THE PROBLEM 

Financial reporting is publishing the formal records of a company's financial activities. To make a 

better decision and easy use of these reports, certain standards or qualities should be considered. The 

qualities include relevance, understandability, reliability, and comparability. Manual procedures always 

suffer from some sort of limitation like committing an error, taking a long time to prepare the reports, 

Absence of prompt and quality service, unreliability, Reusability problem, interrupted communication 

of the reports with the regulatory authorities, etc. Gradually upgrading of Information Technology has 

brought a dramatic revolution in accounting systems and changed the ecosystem of an economic event. 

Computer technology has high-velocity processing power through which a lot of data can be processed 

within a nanosecond. Thus, IT contributed a lot in publishing and preparing financial statements 

speedier and less costly. 

Bangladesh has started its journey towards digitization recently by automating most of its public 

systems serving the countryman. Private firms started managing the offices in an automated way earlier 

than the Government initiatives. Most of the firms are now a day's being transformed to automation 

from manual process which has given speed to the firms and also helped them to be with the era. As the 



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87 

processes are still in the inception stage a lot of studies are required to be undertaken to start the journey 

in an optimum way to draw maximum benefit to save the time that has been elapsed to start. In this way 

automating the reporting system also require a thorough discussion to address it technically, accounting 

and managerial dimensions along with its potentiality in term of profit to be gained. 

 

RATIONALE OF THE STUDY 
As transformation is a continuous process, the concept of wealth in the last century has completely 

changed in the 21
st
 century. Everyone in the world has accepted the resource of the 21

st
 century as 

knowledge and information. The world is moving with so fast speed that it has become a great 

challenge to be with the time for the local firms. Local firms are to keep them on track to synchronize 

with the international players as the market has become boundary less. This situation imposes pressure 

upon the local firms to digitize their operations. As digitization is a technical process so special care 

should be taken regarding its potentiality and the requirements for safe installation. The investigation 

should be done upon the outcome and the benefit to be drawn by the major stakeholders who require a 

thorough and sensitive study to be undertaken. Associated risks and proper measures to address the 

same should also be brought into consideration to avoid the hazard of technology. 

 

RESEARCH QUESTION 

The researcher hopes to respond to the question in the study is mentioned below:  

 To what extent can the accuracy, consistency, timeliness, integrity of financial reports be 

improved with the usage of IT?  

 

SCOPES OF THE STUDY 

This is the age of Information Technology. The size of the organizations is becoming larger in terms of 

employees and financial transactions. The transformation of the firms from manual to automation is a 

great challenge now. The span of supervision has been increased as it is easy to supervise maximum 

people with a minimum number of layers in the firms. Automation has a great impact on a firm's 

performance in terms of time and cost savings. New opportunities are explored by the application of IT 

in every functional department of the firm. Accordingly, the potential benefits are to be explored in the 

case of accounting discipline. As it is in initiation still now in Bangladesh so a lot of issues are to be 

discussed for getting most of the benefits from IT applications in accounting and finance. So the study 

will open new windows in the way to use IT for preparing financial reports. The organization will get 

directions and be benefited thereof. It will also help the investors to make decisions whether to invest or 

not. 

LITERATURE REVIEW 

Technology comes from the application of the invention of science.  Technology not only brings 

blessing but also acts as a reason for suffering. Selase and Selase (2019) conducted research to see the 

need for technology for meeting the better business goal.  Salehi and Torabi (2012) carried out a study 

named "The Role of Information Technology in Financial Reporting Quality: Iranian Scenario" to find 

out the impact of IT on financial reporting systems by hypothesis testing through T-Test, ANOVA, and 

Duncan's Test using an organized questionnaire. The finding of the study was that the relevance, 

reliability, and comparability of accounting information systems have been changed due to IT use. But 

according to Janardhanan (2020), a firm’s values have been depended on some specific features of a 

firm like size, age, liquidity of the firm, and also an internal controlling system of firms, etc. Moreover, 

to adopt IFRS, the country's financial system has to gain convergence and also decline earnings 

management practices to make quality reporting (Kurfi, 2017; Amankwa, Mawutor, & Yiadom, 2020). 



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Imeokparia (2013) conducted a descriptive research" Information Technology and Financial Reporting 

by Deposit Money Bank in Nigeria: An Empirical Study" with a population size of 2,500 accountants 

and a sample size was taken as 345 from the population as primary data analyzed by simple regression 

model to examine the role of IT in the producing and publishing of financial reports of Deposit Money 

Banks in 2013 in Nigeria. She showed that the use of IT makes the reports more accurate, usable, and 

of better quality. She also proved that IT doesn't hinder compliance with the international standards of 

financial reporting. Saeidi and Prasad (2014) in their study "The Impact of Accounting Information 

Systems on Financial Performance – A Case Study of Tcs – India" considered Accounting Information 

Systems as such system where information can be processed from a different viewpoint and make an 

effective decision from operational level to strategic level for different kind of users. In this study, data 

has been collected from a primary source and processed by using automated data processing tools SPSS 

software for testing hypothesis, measuring P-value, and checking significant probability. Abdallah 

(2014) showed in his study that the impact of the use of the accounting information systems on the 

quality of financial statements provided to the Income and Sales Tax Department in Jordan. The study 

was conducted by the structured questionnaire comprising fourteen questions for 50 accountants as 

respondents. To analyze the collected data, some statistical tools like arithmetic mean, regression 

analysis, and standard deviations had to measure. This paper also tested the hypothesis using 

Cronbach's alpha test and simple linear regression test. The result of the study was that there is a 

positive relationship found between the impact when using the accounting information systems and the 

quality of financial statements. Murungi and Kayigamba (2015) in their study "The Impact of 

Computerized Accounting System on Financial Reporting in the Ministry of Local Government of 

Rwanda" recommends computerizes accounting system influences the financial reporting system in 

terms of accountability, timeliness, and friendliness, etc. The study was conducted based on primary 

data by constructing a survey questionnaire where 65 respondents were selected as samples randomly 

from a population of 110. The study found that 38% of the respondents recommend accountability of 

financial reporting is increased by the use of computerized accounting, while 31% of the respondents 

recommend that the computerized accounting system producing financial statements on time. 

Eruemegbe (2015) in his study “Effect of Information and Communication Technology on 

Organization Performance in The Banking Sector “in 2015 gave his observation that ICT enables to 

increase the performance of banks profitability. The study also showed that the uses of ICT improve 

customer satisfaction and the delivery of services sharply. The study concluded with a significant 

positive relationship between technology innovations in service delivery. Olanrewaju (2016) in his 

study titled "Effects of Information Technology on Organizational Performance in Nigerian Banking 

Industries" in 2016 revealed that the performance of employees, customers, and profitability of bank 

has been improved due to the uses of technological innovation. The study suggested that actual 

administration of IT will be for better customer satisfaction, employee performance, and improved 

profitability and to lead competitiveness in the banking sector of Nigeria. Barakat et al. (2020) 

conducted a study to assess the standard of internet financial reporting by investigating internet 

reporting and corporate governance in Palestine. Alabar and Agema (2014) in their study titled 

"Information and Communication Technology and Customer Satisfaction in the Nigerian Banking 

Industry" discussed that the present situation of ICT had played an important role in customer 

satisfaction. The study "Evaluation of The Effect of Using Computer Audit Systems on Audit Quality" 

in 2016 showed that the effectiveness of auditing software has depended on the size of audit firms in 

terms of audit quality (Kermani, Bigzadeh, & Khodamipour, 2016). If the firm size is larger, the audit 

quality is higher using computer auditing software and vice versa. The study recommended that there is 



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89 

a positive relationship exists between the size of audited firms and the efficiency of the computer 

auditing system on the quality of audit actions. 

 

HYPOTHESIS DEVELOPMENT 

A Null Hypothesis has been tested to understand the nature of the relationship between IT and the 

quality of financial reporting. 

H0: There is no significant relationship between the Quality of Financial Reporting with an adaption of 

automation in the banking sector of Bangladesh. 

 

METHOD 

In this section, the whole process of the study has been highlighted along with the methods and 

statistical analysis conducted in this research. This research has been conducted by a structured 

interview schedule to conduct a survey for collecting primary data regarding the impact of IT in 

preparation of financial reports in banks. The officers from the head office have been interviewed. Then 

on the basis of the results of the pilot survey, a questionnaire was prepared to explore the impact 

indeed. The questionnaire includes the perceptions of the management in using IT in preparing financial 

reports regarding Cost, Time, Accuracy, Relevance, Reusability, etc. Research methodology mediates 

between research questions and data and shows how the research questions are connected to research 

objectives.  

 

Population and Samples of the Study 

The population of the Study: The study is concerned with the application of Information Technology in 

preparing financial statements by the commercial banks of Bangladesh. So, the total number of 

commercial banks operating in the country who are using automated systems for preparing financial 

statements is the population of the study. Currently, there are 42 private, 6 states owned and 8 foreign 

banks working in the country among those total 50 are using an automated system. So, the population 

size is 50. 
 

Sampling Design 

Sampling is a procedure which uses a small number of items from the entire population to make 

conclusions about the population. A sample can be defined as a subset or a small part of a population. 

The purpose of using sampling is to facilitate an estimate of some known characteristics of the 

population (Sekaran & Bougie, 2010; Zikmund, 2010). Sampling design is two types as probability 

sampling and non-probability sampling. Probability sampling can define as each element in the 

population has a known chance or probability of being selected as a sample. Simple random sampling is 

best known for probability sampling. However, conducting this sampling is difficult and costly; 

nevertheless, it is a popular sampling technique where the research findings can be generalized from the 

sample.  

Non-probability sampling does not have a known chance of being selected as a subject. This 

sampling does not allow the research findings to be generalized from the sample to the population. It 

does not allow the researchers to analyze sampling statistics which provide information about the 

precision of the research findings. However, non-probability sampling is easy to be administered and it 

tends less complicated and less time consuming than probability sampling (Sekaran & Bougie, 2010; 

Zikmund, 2010; Cooper, Schindler, & Sun, 2006). The present study was conducted based on a 

probability sampling design. 

 



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90 

Sample Size 

Determination of sample size is a very crucial issue because the sample that is too large may waste 

time, money, and resource while samples that are too small may lead to an inaccurate result. On the 

basis of Anderson's random sampling technique, the numbers of respondents are determined. Since the 

population is known, the sample size is determined by using the formula (Anderson, 1996): 

 
Where,  

N = Number of known populations 

p= proportion belonging to specified Category 

(1-p) = Proportion not belonging to the specified category 

B =Level of significance 

n=Sample size 

Table1 indicates an estimated sample size of 100, calculated based on Anderson's random sampling 

technique.  

 

Table 1. Estimated sample size 

 

 
                    n =33.33 

                       = 33 (Approximately) 

Where 

N      = 50 

 p      = .5 (Assumed); 

(1-p) =.5 (Assumed); 

 B     =10% (i.e, level of significance) 

 

Sources and Collection of Data 
The study has been conducted by collecting primary data.  

 

Primary Data Source 

For exploring the level of application of automated financial reporting, primary data were required 

which have been collected through a structured questionnaire. 

The interview schedule contains questions regarding the accuracy of financial statements, time-saving, 

cost-saving, risk reduction, Improvements of efficiency, Regulatory Compliance, audit purpose, 

Reduction of Turnaround Time. 

 

ANALYSIS AND FINDINGS 

The dependent variable (Outcome variable) The Quality of Financial Reporting in automated financial 

reporting in the Banking Sector of Bangladesh. To test the significance of Quality of financial reporting 

in the banking sector, the study has been going through the used General Regression Model by OLS 

method which comprises different test like T, F, R-square, Adjusted R-square as well as effects of 

related factor.  

 



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Table 2. Coefficients 

 

Model Unstandardize

d Coefficients 

Standardized 

Coefficients 

T Sig. 

B Std. 

Error 

Beta 

1 (Constant) -.005 .918  -.006 .996 

Positive_Impact_IT -.471 .189 -.506 -2.494 .020 

Operational_Knowledge .251 .162 .335 1.554 .133 

Produce_Req.Inf_Timely -.216 .199 -.215 -1.088 .287 

Save.Cost_Inf.Sharing -.372 .379 -.168 -.980 .337 

Save.Cost_Documentaion .128 .291 .077 .441 .663 

Outweigh.Benefits_Cost.of.

IT 

.472 .210 .431 2.253 .034 

Reliability.Increased.by_IT .383 .261 .274 1.466 .156 

Accuracy.Obtained.by_IT .702 .476 .297 1.474 .153 

Maintain.Compliance.Reg.

Authority 

.150 .301 .098 .497 .624 

Dependent Variable: Quality of Financial Reporting 

 

Table 3. Correlation Matrix 

 

  Quali

ty of 

Fina

ncial 

Repo

rting 

Posit

ive_I

mpa

ct_I

T 

Oper

ationa

l_Kno

wledg

e 

Produ

ce_Re

q.Inf_

Timel

y 

Save.

Cost_I

nf.Sha

ring 

Save.

Cost_

Docu

menta

ion 

Outw

eigh.

Benef

its_C

ost.of

.IT 

Relia

bility

.Incr

ease

d.by

_IT 

Accu

racy.

Obtai

ned.b

y_IT 

Maint

ain.Co

mplia

nce.Re

g. 

Autho

rity 

Corr

elati

on 

Quality 

of 

Financia

l 

Reportin

g 

1.000 -.208 .028 -.081 .053 .178 .274 .260 .250 .186 

Positive

_Impact

_IT 

-.208 1.000 .484 .165 -.070 -.003 .485 .234 -.276 -.325 

Operatio

nal_Kno

wledge 

.028 .484 1.000 .501 -.039 .166 .221 .230 -.323 -.371 

Produce

_Req.Inf

_Timely 

-.081 .165 .501 1.000 .020 .236 -.064 .352 -.064 -.153 

Save.Co

st_Inf.Sh

.053 -.070 -.039 .020 1.000 .142 .076 .101 .350 .285 



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92 

aring 

Save.Co

st_Docu

mentaio

n 

.178 -.003 .166 .236 .142 1.000 -.020 .341 .140 -.090 

Outweig

h.Benefi

ts_Cost.

of.IT 

.274 .485 .221 -.064 .076 -.020 1.000 .294 -.177 -.139 

Reliabili

ty.Increa

sed.by_I

T 

.260 .234 .230 .352 .101 .341 .294 1.00

0 

-.074 -.114 

Accurac

y.Obtain

ed.by_IT 

.250 -.276 -.323 -.064 .350 .140 -.177 -.074 1.000 .541 

Maintain

.Compli

ance.Re

g. 

Authorit

y 

.186 -.325 -.371 -.153 .285 -.090 -.139 -.114 .541 1.000 

Sig. 

(1-

taile

d) 

Quality 

of 

Financia

l 

Reportin

g 

 .119 .438 .325 .384 .157 .059 .069 .077 .146 

Positive

_Impact

_IT 

.119  .002 .176 .346 .492 .002 .091 .057 .030 

Operatio

nal_Kno

wledge 

.438 .002  .001 .412 .174 .105 .096 .031 .015 

Produce

_Req.Inf

_Timely 

.325 .176 .001  .456 .090 .360 .021 .360 .194 

Save.Co

st_Inf.Sh

aring 

.384 .346 .412 .456  .212 .336 .285 .021 .051 

Save.Co

st_Docu

mentaio

n 

.157 .492 .174 .090 .212  .455 .024 .215 .306 

Outweig

h.Benefi

.059 .002 .105 .360 .336 .455  .046 .158 .217 



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ts_Cost.

of.IT 

Reliabili

ty.Increa

sed.by_I

T 

.069 .091 .096 .021 .285 .024 .046  .339 .260 

Accurac

y.Obtain

ed.by_IT 

.077 .057 .031 .360 .021 .215 .158 .339  .000 

Maintain

.Compli

ance.Re

g.Author

ity 

.146 .030 .015 .194 .051 .306 .217 .260 .000  

 

The significance value 0.02 for the variable "positive impact of IT" and The significance value 

of 0.03 for the variable "Outweigh Benefits of acquiring cost of IT software" which are less than 0.05 

for the above 02 variables indicates that the test is significant and we can reject the null hypothesis. 

Which implies that there is a significant relationship between Quality of Financial Reporting with an 

adaption of automation in the banking sector of Bangladesh for these variables? And for remaining all 

other variables have positive relation but insignificant. 

 

Table 4. ANOVA 

 

Model 

Sum of 

Squares Df 

Mean 

Square F Sig. 

1 Regression 16.545 9 1.838 1.919 .098 

Residual 22.985 24 .958   

Total 39.529 33    

 

Table 5. Model Summary 

 

R 

Square 

Adjusted R 

Square 

Std. Error 

of the 

Estimate 

Change Statistics 

R Square 

Change F Change df1 

.419 .200 .97862 .419 1.919 9 

a. Predictors: (Constant), Maintain. Compliance.Reg. Authority, Save.Cost_Documentaion, 

Outweigh.Benefits_Cost.of.IT, Produce_Req.Inf_Timely, Save.Cost_Inf.Sharing, 

Reliability.Increased.by_IT, Positive_Impact_IT, Accuracy.Obtained.by_IT, Operational_Knowledge 

b. Dependent Variable: Quality of Financial Reporting 



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From Table 5, it has been seen that the value of the Correlation coefficient (r) equal to 0.65, 

shows the positive relationship between the dependent variable & independent variable. Again the 

value of R
2
 (Co-efficient of determinant) 0.42, express that, the 42% of the variation of the dependent 

variable is occurred by the change of independent the variable. But the Adjusted R
2
 indicates the actual 

variation of the dependent variable is 20% out of 42% variation suggested by R
2
. To test the 

significance of overall variation of the model as well as to test the significance of goodness of fit of the 

model, F-test has been used. Here since the value of F-statistic 1.19 is greater than the table value of 

0.098 at 5% levels of significance, so the test is significant.  

From table 2, by using Student-t (T-test), it has been seen that the significance of individual 

parameters used in the model of the variables considered at a 5% level of significance. 

 
Figure 1. Normal P-P Plot of Regression Standardized Residual 

 

Hence considering the above observations and significance & goodness of fit of the model between 

variables, it is said that the Quality of Financial Reporting has a significant relationship with an 

adaption of automation in the banking sector of Bangladesh. 

 

CONCLUSION 

The computerized reporting system has been demonstrated to be effective in providing and publishing 

information concerning the financial situation for a business in an efficient manner. It also enables data 

to be available instantly and be made available to different users in different locations at the same or 

different time zone. Moreover, we live in the age of science and enjoy the new discoveries of science 

through technology. The computer has high-speed processing logic that turned it into technology. From 

the study, it has been observed that qualities of information that are needed to produce better quality 



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95 

reporting for business are accuracy, timeliness, completeness, reliability, etc. The study also 

recommended that computerized systems have a positive impact on the quality of financial reports for 

better business purposes. 

 

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https://doi.org/10.46281/ijfb.v3i2.388 

 

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APPENDICES 

 

Appendix A: Percentage Distribution of Respondents on Variables 

 

Sl No Statement SA 

(%) 

A 

(%) 

U 

(%) 

D 

(%) 

SD 

(%) 

CUMM 

(%) 

1 Role of IT in the reporting process  37.8 45.6 7.9 8.9 00 100 

2 Information technology has a positive 

impact on the performance of my bank 

41.1 43.3 4.4 6.7 4.4 100 

3 We have the technical know-how to 

operate the IT in my bank 

25.6 52.22 11.1 8.9 2.2 100 

4 Information technology in my bank 

produces required information timely. 

72.3 26.7 1.0 00 00 100 

5 IT saves cost in Information sharing  62.3 36.7 1.0 00 00 100 

6 IT saves cost saving in Documentation  60 30 10 00 00 100 

7 The cost of acquiring information 

technology in my bank outweighs its 

benefits 

36.7 45.6 1.1 15.6 1.1 100 

8 Reliability of reports is increased by 70 30 00 00 00 100 

https://doi.org/10.46281/ijfb.v3i2.388


https://www.cribfb.com/journal/index.php/ijfb                                  Indian Journal of Finance and Banking                                 Vol. 5, No. 2; 2021 

97 

adopting IT 

9 Increased accuracy is obtained by 

applying IT 

69.5 30.5 00 00 00 100 

10 IT helps to maintain compliance with 

the regulatory authority 

25.6 51.1 23.3 00 00 100 

Source: Field Survey, 2019 

 

Key: SA = Strongly Agree A = Agree U = Undecided SD =Strongly Disagree D = Disagree 

 

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Copyright for this article is retained by the author(s), with first publication rights granted to the journal. 

This is an open-access article distributed under the terms and conditions of the Creative Commons 

Attribution license (http://creativecommons.org/licenses/by/4.0/) 
 


