The Institute of Chartered Accountants Ghana (ICAG) has conferred on over 200 deserving members who have played a significant role in the profession a ‘Fellow’ title for the first time, prior to the coming into effect of Act 2020, act 1058.
According to the President of ICAG, Professor Williams A. Atuilik, the conferment is an administrative process to operationalise provisions of the law that states members which serve the profession in good standing for not less than 10 years qualify to be called a Fellow.
Highlighting some steps taken by the Institute to address issues pertaining to fraud and indiscipline, Prof. Atuilik said the law’s introduction has strengthened ICAG to do a lot of things – one of which is setting up a committee to address critical issues within the institute.
“So the new law has strengthened us, and we are actually in the process of strengthening the structures that will bite all those who engage in fraudulent and unethical practices. The law provides for some committees, including professionals rather than accountants, to be involved in the disciplinary process. Hence, an independent process has been put together so that those who do not do what is right are disciplined,” he said.
Prof. Atuilik made a call on all members of the institute to demonstrate a character that befits the profession; stating that for a member to be recognised as a Fellow demands a lot of discipline and continuous significant contribution.
Giving his comments on the E-levy, he said: “As far as the ICAG is concerned, we want the best for the country. We think that the operationalisation of it should take into consideration all relevant factors, and there is a need for proper accountability so that citizens do really get the impact of whatever revenue is generated.
“The revenue generated for whatever tax handle that we have gets into the pot, and it translate into development for the country. But we are also minded about the impact of any tax on the people, employment and industry. So it’s not a matter of pass it or don’t pass it, but let’s make sure we do what is right as we go through the process.”
The ceremony also included outdooring the institute’s anthem, new logo and launch of a brand-guide, and CEO of the institute Kwasi Agyemang explained: “It is prudent for corporate brands to regularly and strategically examine their position and identity within their market place in other to stay on top”.
Mr. Agyemang added that the ICAG brand has gained incredible traction in the accounting profession. However, refinement is generally key when it comes to assessing a brand.
The Fellows were charged to ensure that the public purse can be further protected and accounted for the greater good of the Ghanaian people, and also ensure that misapplication and mismanagement of funds are seriously dealt with in the areas of taxation, cash administration, debt servicing, issuance of loans and allowances, payroll administration and contracts.