ICAGSpace Digital RepositoryThe ICAGSpace Digital Repository system captures, stores, indexes, preserves, and distributes digital research material.http://41.66.247.10:8080/xmlui2024-03-29T14:37:23Z2024-03-29T14:37:23ZICAG NEWSLETTER OCTOBER 2022 VOLUME 10INSTITUTE OF CHARTERED ACCOUNTANT GHANA, ICAGhttp://41.66.247.10:8080/xmlui/handle/123456789/6612022-11-23T12:34:03Z2022-10-01T00:00:00ZICAG NEWSLETTER OCTOBER 2022 VOLUME 10
INSTITUTE OF CHARTERED ACCOUNTANT GHANA, ICAG
The proposed changes
to International Standard
on Auditing (ISA) 500
(Revised), Audit Evidence:
• Clarify ISA 500’s
purpose and scope and
explain its relationship with
other standards;
• Provide a principlesbased approach to
considering and making
judgments about
information intended to
be used as audit evidence
and evaluating whether
sufficient appropriate audit
evidence has been obtained;
• Modernize ISA
500 to be adaptable to
the current business and
audit environment, while
considering scalability for
different circumstances,
including the entity and the
auditor’s use of technology,
such as automated tools
and techniques; and
• Emphasize the role
of professional skepticism
when making judgments
about information intended
to be used as audit evidence
and evaluating the audit
evidence obtained.
Proposed International
Standard on Auditing 500
(Revised), Audit Evidence,
provides a “reference
framework” for auditors
when making judgments
about audit evidence
throughout the audit.
The International
Sustainability Standards
Board (ISSB) unanimously
confirmed that companies
will be required to use
climate-related scenario
analysis to inform
resilience analysis. At the
supplementary board
meeting held on 1 November
2022, the ISSB voted to
confirm that companies
are required to use climaterelated scenario analysis
to report on climate
resilience and to identify
climate-related risks and
opportunities to support
their disclosures.
The ISSB also agreed to
provide application support
to preparers including
making use of materials
developed by the Task
Force for Climate-Related
Financial Disclosures
(TCFD) to provide guidance
to preparers on how to
undertake scenario analysis.
This decision responds to
questions from stakeholders
about what is meant by
the term ‘climate-related
scenario analysis’.
2022-10-01T00:00:00ZINSTITUTE OF CHARTERED ACCOUNTANT GHANA, ICAGThe proposed changes
to International Standard
on Auditing (ISA) 500
(Revised), Audit Evidence:
• Clarify ISA 500’s
purpose and scope and
explain its relationship with
other standards;
• Provide a principlesbased approach to
considering and making
judgments about
information intended to
be used as audit evidence
and evaluating whether
sufficient appropriate audit
evidence has been obtained;
• Modernize ISA
500 to be adaptable to
the current business and
audit environment, while
considering scalability for
different circumstances,
including the entity and the
auditor’s use of technology,
such as automated tools
and techniques; and
• Emphasize the role
of professional skepticism
when making judgments
about information intended
to be used as audit evidence
and evaluating the audit
evidence obtained.
Proposed International
Standard on Auditing 500
(Revised), Audit Evidence,
provides a “reference
framework” for auditors
when making judgments
about audit evidence
throughout the audit.The Professional Accountant and Public AccountabilityINSTITUTE OF CHARTERED ACCOUNTANT GHANA, ICAGhttp://41.66.247.10:8080/xmlui/handle/123456789/6602022-11-21T17:45:30Z2017-06-01T00:00:00ZThe Professional Accountant and Public Accountability
INSTITUTE OF CHARTERED ACCOUNTANT GHANA, ICAG
The speed and magnitude of change in the world
continues to accelerate. Companies that were
once leaders in their sector, have suffered
massive declines in value and sector status.
Whole industries, have seen massive business
model shifts with the arrival of game changing
companies. Most recently, customer feedback
from multiple sources is strongly signalling that
enterprise risk management (ERM) and internal
audit need to radically change their core
business models or risk similar fates.
Accountants serving as board directors, CEOs,
CFOs, controllers, and chief audit executives
need to play lead roles driving radical change to
better meet the needs of their companies and
boards.
PSASB Issues Consultation Paper on
Financial Reporting for Heritage in the
Public Sector (Excerpts)
Why has the IPSASB issued this Consultation
Paper?
The IPSASB aims to improve financial
reporting for heritage in the public sector, by
considering the type of information that should
be reported about heritage items and heritagerelated responsibilities, including approaches to
their recognition and measurement
2017-06-01T00:00:00ZINSTITUTE OF CHARTERED ACCOUNTANT GHANA, ICAGThe speed and magnitude of change in the world
continues to accelerate. Companies that were
once leaders in their sector, have suffered
massive declines in value and sector status.
Whole industries, have seen massive business
model shifts with the arrival of game changing
companies. Most recently, customer feedback
from multiple sources is strongly signalling that
enterprise risk management (ERM) and internal
audit need to radically change their core
business models or risk similar fates.
Accountants serving as board directors, CEOs,
CFOs, controllers, and chief audit executives
need to play lead roles driving radical change to
better meet the needs of their companies and
boards.Moving Ghana Beyond Aid: The Way ForwardINSTITUTE OF CHARTERED ACCOUNTANT GHANA, ICAGhttp://41.66.247.10:8080/xmlui/handle/123456789/6592022-11-21T17:37:41Z2018-06-01T00:00:00ZMoving Ghana Beyond Aid: The Way Forward
INSTITUTE OF CHARTERED ACCOUNTANT GHANA, ICAG
Studies from development literature and
leadership on how to build a nation, have
shown a consistent and pragmatic processes
and systems to follow. Studies on the
determinant of the meteoric growth of
Ghana’s comparators at the time of
independence specifically Singapore, South
Korea and Malaysia have shown a
consistent trend and efforts made to develop
these economies. In the lead article
“Moving Ghana beyond aid”, the writer
highlights ten basic principles and
processes that have to be followed to
achieve a sustainable growth and
development to move the country out from
aid dependency
“Kevin’s deep experience running large and
complex membership organizations and an
accountancy firm provides outstanding
foundations to take IFAC forward,” IFAC
President, Rachel Grimes said. “His
leadership qualities, and his global
relationships, will help ensure that IFAC
continues to grow its leadership role on the
world stage.”
2018-06-01T00:00:00ZINSTITUTE OF CHARTERED ACCOUNTANT GHANA, ICAGStudies from development literature and
leadership on how to build a nation, have
shown a consistent and pragmatic processes
and systems to follow. Studies on the
determinant of the meteoric growth of
Ghana’s comparators at the time of
independence specifically Singapore, South
Korea and Malaysia have shown a
consistent trend and efforts made to develop
these economies. In the lead article
“Moving Ghana beyond aid”, the writer
highlights ten basic principles and
processes that have to be followed to
achieve a sustainable growth and
development to move the country out from
aid dependencyAdoption of IPSAS: Why Ghana Should Take a Cautious ApproachINSTITUTE OF CHARTERED ACCOUNTANT GHANA, ICAGhttp://41.66.247.10:8080/xmlui/handle/123456789/6582022-11-21T17:27:01Z2018-10-01T00:00:00ZAdoption of IPSAS: Why Ghana Should Take a Cautious Approach
INSTITUTE OF CHARTERED ACCOUNTANT GHANA, ICAG
Corruption has been a bane on the development of
most countries particularly the sub-Saharan region.
Recognizing the harmful effect of corruption, in
2012 the country developed a National AntiCorruption Action Program (NACAP) to help
minimize the harmful effect of corruption. The
NACAP enables collective action and sustained coordination of efforts, as well as the judicious
application of resources of stakeholders to combat
corruption, to assess the performance of
stakeholders, especially government, in the fight
against corruption, and mobilize national efforts to
ensure the effective control of corruption through
prevention, education, and investigation and
enforcement. The writer mentions the need for
professionals in the country to collaborate to win the
fight against corruption and eradicate or minimize
the effects of corruption on the developmental effort
of the nation
Global Ethics Board Resets Expectations of
Professional Accountants Regarding
Inducements
The International Ethics Standards Board for
Accountants (IESBA) today released new
enhancements to its global ethics code which
address more fully the responsibilities of
professional accountants around the offering
and accepting of inducements. The revised
standard sets out a comprehensive framework
that more clearly delineates the boundaries of
acceptable inducements, and guides the
behavior and actions of professional
accountants in business and in public practice
in situations involving inducements.
“Incentives motivate behavior, and some
inducements can be a powerful incentive to
unethical behavior,” said IESBA Chairman Dr.
Stavros Thomadakis. “This revised standard
complements our standard on NOCLAR to
offer a full system of ethical defenses that relate
both to malfeasance committed by others and to
accountants’ own involvement in potentially
unethical behaviours.” Central to this
framework is a new intent test that prohibits the
offering or accepting of inducements where
there is actual or perceived intent to improperly
influence the behavior of the recipient or of
another individual. The framework also:
2018-10-01T00:00:00ZINSTITUTE OF CHARTERED ACCOUNTANT GHANA, ICAGCorruption has been a bane on the development of
most countries particularly the sub-Saharan region.
Recognizing the harmful effect of corruption, in
2012 the country developed a National AntiCorruption Action Program (NACAP) to help
minimize the harmful effect of corruption. The
NACAP enables collective action and sustained coordination of efforts, as well as the judicious
application of resources of stakeholders to combat
corruption, to assess the performance of
stakeholders, especially government, in the fight
against corruption, and mobilize national efforts to
ensure the effective control of corruption through
prevention, education, and investigation and
enforcement. The writer mentions the need for
professionals in the country to collaborate to win the
fight against corruption and eradicate or minimize
the effects of corruption on the developmental effort
of the nation