MEMBERS JOURNAL JULY-SEPTEMBER 2020

INSTITUTE OF CHARTERED ACCOUNTANTS, GHANA

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dc.contributor.author	INSTITUTE OF CHARTERED ACCOUNTANTS, GHANA
dc.date.accessioned	2021-09-02T13:25:38Z
dc.date.available	2021-09-02T13:25:38Z
dc.date.issued	2020
dc.identifier.uri	http://41.66.247.10:8080/xmlui/handle/123456789/405
dc.description	Auditor independence is the cornerstone on which the auditing profession has been built and, indeed enables the auditor to appropriately discharge his/her duties to clients and the public at large. The key characteristics of this independence are the state of mind and appearance of the auditor. These must include integrity, strength of character to stand up for what is right and freedom from any undue inflence. These character attributes must not only exist in an auditor but must be visible. Independence of every auditor is as important in fact, as it is in perception. The writer highlights the institutional and legal framework that must support the true independence of the Auditor- General for him/her to perform his/her job successfully to benefi the entire society. Many studies have presented powerful empirical evidence on the economic and social costs of corruption. They have shown how corruption hinders investments (both domestic and foreign), reduces growth, restricts trade, distorts the size and composition of government expenditure, weakens fiancial systems and crumbles the entire economy. Most importantly, a strong connection has been demonstrated between corruption and increasing levels of poverty and income inequality. The experience of the developing countries strongly supports these fidings. The writer emphasizes how corruption contributes extensively to high cost of government projects and expenditure which vary as a result of different patterns of corruption. The cost of administrative corruption is mutually reinforcing and is itself inflenced by a range of other factors. The fical distortions caused by corruption, for example, erode the quality of government services, with dire consequences to the poor. Increasingly, there are reports that the enormous support being offered by/to countries across the globe to address the impact of the COVID-19 pandemic is not reaching the intended beneficiaries due to mismanagement, fraud and corruption. The article explains how the accountancy profession can contribute to establishing and strengthening institutions, systems, and capacity to effectively manage these funds and thus reverse this negative trend, if applicable. A recent World Bank Policy Note describes the risks and impacts of corruption in the context of the pandemic, providing guidance for addressing and mitigating such risks. If not addressed, fraud and corruption will cost additional lives and continue to perpetuate the shocking inequalities that have been revealed during the COVID-19 pandemic. The article on corporate strategy tries to differentiate corporate strategy from business unit strategy and the importance for an organization to have a well-documented strategy to guide its operations. Corporate strategy focuses on the organisation as a whole, while a business unit strategy focuses on an individual business unit or market. In the real sense, a strategy is a plan of action designed to achieve a long-term or overall objective of the organisation. An organisation is not only top management, nor is it only middle management. Every organisation entails everyone from the top to the front lines. The success of an organization involves all the members of the organisation and how they are aligned around a strategy and support it. These and many more others are presented in this edition.	en_US
dc.description.abstract	IAASB proposes modernization of Group Audits Standard in support of Audit Quality. The International Auditing and Assurance Standards Board (IAASB) has released the exposure draft of proposed International Standard on Auditing (ISA) 600 (Revised), Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors). Proposed ISA 600 (Revised) deals with special considerations for audits of group fiancial statements (group audits). Group audits are often more complex and challenging than single-entity audits because a group may have many entities or business units across multiple jurisdictions, and component auditors may be involved.	en_US
dc.description.sponsorship	ICAG Library, Ernest Yaw Denkyira	en_US
dc.language.iso	en	en_US
dc.publisher	THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA)	en_US
dc.relation.ispartofseries	2020 July-September;
dc.subject	MEMBERS JOURNAL JULY-SEPTEMBER 2020	en_US
dc.title	MEMBERS JOURNAL JULY-SEPTEMBER 2020	en_US
dc.type	Article	en_US