MEMBERS JOURNAL OCTOBER-DECEMBER 2020

ICA Ghana

ICAGSpace Home
→
Members' Journals
→
2020
→
View Item

dc.contributor.author	ICA Ghana
dc.date.accessioned	2021-09-15T11:50:10Z
dc.date.available	2021-09-15T11:50:10Z
dc.date.issued	2020
dc.identifier.uri	http://41.66.247.10:8080/xmlui/handle/123456789/409
dc.description	The International Auditing and Assurance Standards Board (IAASB) approved three quality management standards in September 2020, subject to the fial approval of the Public Interest Oversight Board. The standards raise the bar for fims by incorporating a proactive and risk-based approach to how fims 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.	en_US
dc.description.abstract	Climate change is an area of increasing concern and priority for investors and affects how investors perceive climate-related risks in the entity’s fiancial 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 fiancial statements in accordance with the International Standards on Auditing (ISA). Money laundering has a corrosive effect on a country’s economy, government, and social well-being. It has potentially devastating economic, security, and social consequences. It provides the fuel for drug dealers, terrorists, illegal arms dealers, corrupt public offiials, and others to operate and expand their criminal enterprises. Crime has become increasingly international in scope, and the fiancial aspects of crime have become more complex due to rapid advances in technology and the globalisation of the fiancial services industry. The writer highlights the devastating effects of illicit fund flws to an economy and suggests what can be done stop this menace from the society. The idea behind taxing windfall income is greatly inflenced by Wealth Creation and the concept of Income. Income Tax is based on Income but Parliament all over the world, when making tax laws fail to defie clearly what is Income, and instead, left the word to judicial and administrative branches of government to thrash out the meaning of Income. Maybe the word does not lend itself for easy defiition and any attempt to defie income will lead to so many things being left out (to defie something means to set the precise boundaries of the thing). Accountants, economist, and lawyers normally disagree on what exactly constitute income. But in spite of the unclear defiition of Income, we can know it when we see it. The article talks about windfall income and how it can be taxed to raise enough money to support the developmental agenda of the government. Welfare fund for ICAG Members are increasingly becoming important. As the main drivers that ensure proper functioning of the country’s fiances, our welfare is equally paramount, to enable us perform these functions with the needed integrity. Professions which have welfare benefis for their members, people use it as a source of respite to work fearlessly with no threat of intimidation. Irrespective of how it is conceptualised and contextualised, without the Members taking and performing the key roles and responsibilities, ICAG would be short lived. We must remember that Members keep the Institute running by giving time and skills to its development. It is therefore time for us to seek Members welfare. We need a welfare fund to promote solidarity and mutual cooperation among members, assist and support members who later turn vulnerable whether through retrenchment, dismissal or inability to work, sometimes due to natural factors. This development of welfare is indeed a watershed in the evolution of many professions, of which the accountancy profession cannot be left out. The writer suggests that welfare of Members is essential and it is incumbent on Council to come out with a welfare fund so that we will contribute into it for our own benefis.	en_US
dc.description.sponsorship	ICAG Library, Ernest Yaw Denkyira, Institute of Chartered Accountants, Ghana	en_US
dc.language.iso	en	en_US
dc.publisher	Institute of Chartered Accountants, Ghana	en_US
dc.relation.ispartofseries	October-December 2020;
dc.subject	ICAG MEMBERS JOURNAL OCTOBER-DECEMBER 2020	en_US
dc.title	MEMBERS JOURNAL OCTOBER-DECEMBER 2020	en_US
dc.type	Article	en_US