By Emmanuel AKOMEA
The President of the Institute of Chartered Accountants, Ghana (ICAG), Augustine Addo, has said the institute has withdrawn the licences and enforced suspensions and penalties against firms and individuals engaging in unethical practices.
According to him, the institute has taken these firm actions to uphold the integrity and standards of the accounting profession in the country.
Speaking at the 43rd graduation of the institute in Accra, he said they are committed to maintaining professional conduct within the industry, indicating that several firms have been listed this year awaiting their punishments.
“We have withdrawn some licences, suspended some and imposed penalties on some people. We have also sent letters of rebuke and required some practitioners to undergo retraining to build their capacity further,” he said.
Mr. Addo cited the example of the banking crisis, where the auditors of failed banks were audited and action taken against those who did not follow standardised audit practices, adding that some of the affected firms are still contesting the penalties in court.
The 43rd Graduation and Admission Ceremony saw 283 individuals inducted into Associate Membership, while 696 graduates with requisite practical experience were welcomed into Full Membership. Additionally, graduates of the Accounting Technicians Scheme West Africa (ATSWA) were also admitted into their respective membership.
The ceremony also honoured 154 professionals who completed various professional diploma programmes.
Mr. Addo mentioned that the institute has taken key significant steps in in terms of advancing teaching and learning, one of which has been the alignment of syllabi with the International Education Standards (IES) set by the International Federation of Accountants (IFAC). This alignment has facilitated a seamless transition from academic certification at universities to professional accountancy qualifications within the institute.
Furthermore, the institute has fostered collaboration with universities and private tuition providers through its Professional Institute of Learning (PIL) Scheme. The rigorous accreditation and monitoring processes have elevated the quality of tuition nationwide, ensuring that aspiring accountants receive the best education possible.
With support from the Institute of Chartered Accountants in England and Wales (ICAEW), Emile Wolf and individual subject experts, the institute has developed comprehensive manuals for all 14 subjects, enhancing the learning experience for students.
The president urged the graduates to adopt a broader perspective on global issues. He said as businesses increasingly operate in a global market, professional accountants must possess a comprehensive understanding of diverse contexts. The rapid pace of change driven by globalisation, technology and evolving stakeholder demands has transformed the role of accountants.
He added that accountants are expected to be not only technical experts, but also effective communicators, entrepreneurs, business advisors and risk managers. As organisations navigate complex transactions and heightened accountability demands, the skills required in this profession are continually evolving.
Meanwhile, the Deputy Controller and Accountant General, Emelia Osei-Derkyi, called on graduates to embrace sustainability as an integral part of their professional career. She said Chartered Accountants, are not just stewards of financial accuracy, they are agents of change, capable of steering organisations toward a more sustainable and resilient future.
She noted the global move toward sustainability has gained momentum, with frameworks such as the International Financial Reporting Standards (IFRS) and Sustainability Disclosure Standards (S1 and S2) becoming increasingly vital. These standards emphasise transparency and accountability in how businesses report on their environmental and social impact.
She added that they play a crucial role in driving the adoption and implementation of these standards in Ghana
