The Institute of Chartered Accountants Ghana. (ICAG) has sought an arrangement with the Institute of Chartered Accountants in England and Wales (ICAEW) to strengthen Ghana’s corporate financial reporting regime.
The two bodies will also work to strengthen the regulation of audit firms, training of accountants and auditors to enable qualified accountants and auditors to be abreast of international developments and raise lCAG’s profile in the West African sub-region.
Mr Joseph Blankson, President of ICAG, announced this at a press briefing on Monday is part of their week-long celebrations and the institute’s upcoming conference in Accra.
The two-day conference with the theme: ‘Managing our Resources- Building our Nation," is scheduled for June l and 2 in Koforidua in the Eastern Region.
Mr Blankson noted that financial reporting vas one of the building blocks for sustainable development and that the institute would ensure that the accountancy profession played its role in Ghana’s economic development.
“Ghana deserves a world-class financial-reporting regime and we are delighted to be- working with ICAEW, a leading professional accountancy body, to strengthen the profession and its role in the economic growth of our, country,” he added.
Mr Blankson explained that such collaboration would also address the malfeasance being reported in public service institutions and noted that such practices were perpetuated by account officers who were not members of the institute.
He also said the institute had started a training programme for accounts officers in public service institutions and completed a training programme for the Ghana Education Service.
"We are now arranging to train accounts officers for the Ministry of Local Government and Rural Development and with the availability of resources, will continue to do so for other public institutions," he added.
Mr Blankson announced that the institute would soon begin an ICAG Chartered Diploma Course with specialisation" in business studies, geared towards meeting the current ` demand dynamics of the market and affording members opportunities to update their current knowledge.
The course will include accounting in oil and gas, fraud and forensic, treasury and risk management, corporate financial management, internal auditing and governance, charity accounting and financial management.
He also indicated that the institute had recorded a steady growth in the admission of students and membership in recent years and now had a membership of` 2,689, with 2,178 of them in good standing. "There is, therefore, the need for us to embark on some training to bridge the gap," he added.
Mr Venon Soare, ICAEW Project Director, said high-level financial skills were key in a growing economy and would ensure that Ghana’s ICAG received the internationally recognised technical and ethical standards. — GNA