http://41.66.247.10:8080/xmlui/handle/123456789/5 Members' Journals 2026-04-29T13:00:45Z http://41.66.247.10:8080/xmlui/handle/123456789/660 The 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 2017-06-01T00:00:00Z 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. http://41.66.247.10:8080/xmlui/handle/123456789/659 Moving 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.” 2018-06-01T00:00:00Z 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 http://41.66.247.10:8080/xmlui/handle/123456789/658 Adoption 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: 2018-10-01T00:00:00Z 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 http://41.66.247.10:8080/xmlui/handle/123456789/657 Promoting The Integrity of Accounting Profession INSTITUTE OF CHARTERED ACCOUNTANT GHANA, ICAG Climate change is an area of increasing concern and priority for investors and affects how investors perceive climate-related risks in the entity’s financial statements. Climate change is a topic which is increasingly in front of mind for investors and other stakeholders as the effects of climate change are increasingly visible because climate change has the potential to impact an increasing number of entities of all nature and sizes. Today climate change affects businesses in various industries as global and local policy actions around climate change continue to evolve and given the growing demand by investors for climaterelated information for their economic decision making. The writer highlights areas of focus related to the consideration of climate-related risks when conducting an audit of financial statements in accordance with the International Standards on Auditing (ISA). The International Auditing and Assurance Standards Board (IAASB) approved three quality management standards in September 2020, subject to the final approval of the Public Interest Oversight Board. The standards raise the bar for firms by incorporating a proactive and risk-based approach to how firms enable the consistent performance of quality engagements through their systems of quality management. The standards also deepen the engagement partner’s responsibility for audit quality at the engagement level, and include improvements related to engagement quality reviews. 2020-01-01T00:00:00Z INSTITUTE OF CHARTERED ACCOUNTANT GHANA, ICAG Climate change is an area of increasing concern and priority for investors and affects how investors perceive climate-related risks in the entity’s financial statements. Climate change is a topic which is increasingly in front of mind for investors and other stakeholders as the effects of climate change are increasingly visible because climate change has the potential to impact an increasing number of entities of all nature and sizes. Today climate change affects businesses in various industries as global and local policy actions around climate change continue to evolve and given the growing demand by investors for climaterelated information for their economic decision making. The writer highlights areas of focus related to the consideration of climate-related risks when conducting an audit of financial statements in accordance with the International Standards on Auditing (ISA).