Parliament has begun processes for the passage of the Chartered Accountants, Ghana Bill, 2020.
Speaking on the floor of Parliament, a Deputy Minister of Education, Gifty Twum Ampofo, said the passage of the bill is critical considering the growing impact of technology on professions like accountancy.
“The increase use of Technology which keeps evolving, improved international regulations, standards and new audit requirements have largely triggered these reforms. Mr. Speaker, the bill therefore seeks to respond to the demand for the review of Act 170 so as to address the developments that have taken place since 1963. In the study and practice of Accountancy Mr. Speaker, I so move.”
The Bill was on Tuesday taken through the second reading Parliament.
The passage of the bill will establish the Institute of Chartered Accountants, Ghana, to promote the study of accountancy; to regulate the accountancy profession and practice, and to provide for related matters.
Below are the expected functions of the Institute of Chartered Accountants upon the passage of the bill.
To achieve the object under section 2, the Institute shall
(a) regulate the practice of accountancy in the country;
(b) certify persons who can practise as auditors;
(c) prescribe and approve courses of study for the accountancy
profession;
(d) conduct and provide for the conduct of qualifying examinations
for membership of the Institute;
(e) regulate the engagement, training and transfer of accountant
trainees;
(f) specify the class of persons to train articled clerks and
specify the circumstances under which a person of that class
may be disqualified;
(g) regulate accounting firms and auditing firms;
(h) keep, maintain and publish a register of Chartered Accountants,
practitioners and practising accounting firms;
(i) prescribe and maintain standards of professional conduct
for members of the Institute and educate members of the Institute on the methods and practices necessary to maintain the standards of professional conduct;
(j) monitor and evaluate the conduct of accountancy practice by members of the Institute and prescribe reports to be submitted by the members in relation to the conduct of accountancy practice;
(k) establish a disciplinary code and enforce the disciplinary code among members of the Institute;
(l) promote and preserve the common interest and professional independence of its members;
(m) organise continuous professional development courses for members of the Institute including theory and practice of accountancy, financial management and related disciplines as a condition precedent for renewal of membership;
6. Institute of Chartered Accountants, Ghana Bill, 2020
(n) establish and maintain a library of books and periodicals including an electronic library on accountancy and related subjects;
(o) encourage members of the Institute to publish books and periodicals relating to accountancy;
(p) encourage research in accountancy and related subjects and generally secure the advancement of the accountancy profession;
(q) approve, adopt and promote the implementation of standards consistent with
(i) the International Financial Reporting Standards issued by the International Financial Reporting Standards Foundation;
(ii) the International Public Sector Accounting Standards issued by the International Public Sector Accounting Standards Board; or
(iii) the International Standards on Auditing issued by the International Auditing and Assurance Standards Board; and independent standard setting boards hosted by the International Federation of Accountants;
(r) ensure compliance with International Public Sector Accounting Standards adopted by the Institute;
(s) advise the Minister and accredited educational institutions
(i) on the appropriate curricula in accounting and
auditing; and
(ii) on topical issues pertaining to the accounting
profession and other relevant sectors of the
economy; and
(t) perform any other function ancillary to the object of the
Institute.