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SEC, ICAG Collaborate to Strengthen Capacity of State-Owned Enterprises

The Government of Ghana, through the State Enterprises Commission (SEC), has signed a Memorandum of Understanding (MoU) with the Institute of Chartered Accountants, Ghana (ICAG).

Dr Camynta Baezie, Executive Chairman, SEC and Prof. Kwame Boasiako Omane-Antwi, President, ICAG, signed for their respective institutions. The objective of the MoU is to create a formal basis for co-operation and collaboration in strengthening the capacity of State-Owned Enterprises (SoEs). Under the MoU, ICAG will review and advise Government on the state of implementation of International Financial Reporting Standards (IFRS) in State-Owned Enterprises (SoEs).

The MoU will allow SEC to set up an IFRS Assessment Framework to review compliance by SoEs, conduct IFRS training to enhance capacity and, more importantly, pass on the requisite knowledge to ensure compliance, with respect to the preparation of their financial statements and follow up on SoEs which do not comply fully to ensure that IFRS compliance is upheld in their preparation of financial statements.

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Notice to Companies Subject to the Securities Industry Act and their Auditors

Our attention has been drawn to Circular Number SEC/CIR/002/2015 issued by the Securities and Exchange Commission (SEC) and published in the Monday, February 8th edition of the Daily Graphic and wish to state the following facts:

  1. The Institute of Chartered Accountants (Ghana) filed a judicial review application against SEC challenging its authority to issue directives to auditors as to the manner of signing audit reports contained in the annual financial statements of listed companies.
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TAX Update Applicable for CA Professional Examinations

THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA)
NOTICE TO STUDENTS
TAX UPDATE APPLICABLE FOR CA PROFESSIONAL EXAMINATIONS

The Institute of Chartered Accountants (Ghana) wishes to announce to existing and prospective students of the Income Tax Act, 2015, (Act 896) assented to by the President of Ghana on 1st September, 2015, which took effect on 1st January, 2016. It is the policy of the Institute to examine students on a new tax law six (6) months after its effective date.
Below are the implications of the Income Tax Act, 2015, (Act 896) on the CA Professional Examinations;

Issued by
Chief Executive Officer

ICAG ORGANIZES PUBLIC LECTURE ON THE 2016 NATIONAL BUDGET

ICAG ORGANIZES PUBLIC LECTURE ON THE 2016 NATIONAL
BUDGET
The President of the Institute of Chartered Accountants (Ghana) (ICAG), Professor Kwame Boasiako Omane-Antwi, has described investments in all sectors of Ghana’s economy—Education, Health, Water delivery, Roads, Transport, Communications, Housing and Energy— as far-reaching and significant.

Prof. Omanne-Antwi, therefore, commended government for its steadfastness in pursuing the economic vision of leading Ghana through a transformational agenda to consolidate the country’s Middle-Income Country status.

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ICAG PRESIDENT TASKS MEMBERS TO BE MORE STRATEGIC

The president of the Institute of Chartered Accountants-Ghana, Professor Kwame Boasiako Omane-Antwi, has challenged Chief Financial Officers (CFOs) to keep themselves abreast with technology and changing trends in order to ensure survival of their companies.

“CFOs must be strategic in their thinking and not only tactical thinkers. That is why I say CFOs of today must act locally but think internationally. Because as you think internationally, you are able to come across best practices that are happening. Best practices ensure that your company can grow, because at the end of the day the CFOs job is to add values that will help you to expand your organization, Prof. Omane-Antwi said at the KPMG CFOs Survey launch in Accra.

He emphasised that CFOs role over the years has changed from book keeping to becoming a partner to the CEO who takes part in the core decision-making of the business, including defining the company’s vision statement.

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