Institute of Chartered Accountants Ghana to revoke licences of accounting firms cited in banking clean up

The Institute of Chartered Accountants Ghana (ICAG) has threatened to revoke the licences of its members who were fined in a report in connection with the collapse of some banks if they miss the deadline given them to pay the associated fine.

ICAG President, Professor Kwame Adom Frimpong

The regulatory body for accounting practice in the country has given the member's a grace period of up to January 2020.

The ICAG President, Professor Kwame Adom Frimpong said the sanctions will be enforced as part of those culpable member’s license renewal process.

After the licences of some banks were revoked, some accounting firms were found to have conducted themselves in a manner that is against international best practice in accounting. 

The ICAG launched an investigation and fined the accounting firms that were found to be culpable.

Prof Adom Frimpong said some members have started the process to redeem their fines but have up to January 2020 to make all the payments.

This, he said, is part of moves to promote good ethics in the industry.

"The accounting profession is regulated by the institute and every year we renew the license for members, without the license one cannot practice.”

“Some of the firms have written and we're yet to reply to them. Some of them are requesting for a rebate and time among others but they will surely pay,” he added.

He explained that whether members are fined or not, they must renew their license by January 1, 2020, but “in January if they owe then they will have to pay before getting the renewal or they won't be licensed to practice." 

Prof Adom Frimpong also responded to concerns raised by some of the firms and noted that their opinions are being considered and they will be communicated to in due time.

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