MEMBERS JOURNAL JANUARY-MARCH 2021

ICA Ghana

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dc.contributor.author	ICA Ghana
dc.date.accessioned	2021-09-15T12:00:54Z
dc.date.available	2021-09-15T12:00:54Z
dc.date.issued	2021-03
dc.identifier.uri	http://41.66.247.10:8080/xmlui/handle/123456789/410
dc.description	The UK Financial Reporting Council (FRC) and the International Ethics Standards Board for Accountants (IESBA) jointly released the publication, Ethical and Auditing Implications Arising from GovernmentBacked COVID-19 Business Support Schemes. This staff publication highlights ethical and auditing implications arising from government-backed business support programs which have been utilized at unprecedented levels during the COVID-19 pandemic. The guidance sets out important ethical considerations for professional accountants who are called upon to assist their employing organizations or clients in applying for and using COVID-19- related funding or fiancial support. The document includes guidance for those who prepare related fiancial information and disclosures, as well as for those who independently audit or provide assurance services regarding such information. The publication was developed by the Staff of UK FRC under the auspices of a Working Group formed by the IESBA and national ethics standard setters (NSS) from Australia, Canada, China, South Africa, the UK and the US. Chaired by Mr. Richard Fleck, former IESBA Deputy Chair, the Working Group’s mandate is to develop implementation support resources to assist accountants effectively apply the International Code of Ethics for Professional Accountants (including International Independence Standards) when facing circumstances created by the COVID-19 pandemic. The publication benefied from input from IESBA Staff. This staff publication, jointly released by the Staff of UK Financial Reporting Council (FRC) and the IESBA, highlights ethical and auditing implications arising from government-backed business support programs which have been utilized at unprecedented levels during the COVID-19 pandemic. The guidance sets out important ethical considerations for professional accountants who are called upon to assist their employing organizations or clients in applying for and using COVID-19- related funding or fiancial support. The document includes guidance for those who prepare related fiancial information and disclosures, as well as for those who independently audit or provide assurance services regarding such information.	en_US
dc.description.abstract	The IMF pursues various facets of its mandate in a number of ways. It promotes international monetary cooperation through a permanent institution which provides the machinery for consultation and collaboration on international monetary problems. This mandate gives the IMF its unique character as an international monetary institution, with broad oversight responsibilities for the orderly functioning and development of the international monetary and fiancial system. The IMF grants loans to countries that are experiencing economic distress to prevent or mitigate fiancial crises. The economic policy conditions attached to such IMF loans have become an important vehicle through which orthodox and marketoriented economic policies are carried out, especially in developing countries. Over time, the IMF has continued to be subjected to a range of criticisms, generally focused on the conditions of its loans and other fiancial assistance. The IMF has also been criticised for its lack of accountability and willingness to lend to countries with bad economic management and human rights records. The writer highlights how IMF policies are affecting the development of developing countries. To ensure rapid economic development, especially in the area of infrastructure, a development bank is needed to bridge fiance from end-savers to development projects. Such bridging should be done by a development bank at all levels. The writer argues that it was time to promote a development bank in Ghana. The recent fiancial crisis has opened space for national policymakers to support pro-development fiance initiatives, and a momentum for the creation of a development bank, which could tap into global savings. Taking advantage of such opportunities is fundamental to supporting future development of the nation. A standard argument for why a development bank should be promoted is that such a bank can fil the gaps left by private fiancial institutions, which are often geared towards commercial activities. The main gap is usually insuffiient fiance for economic transformation In business operating environment, the digital arena forms a large proportion of the actors in the environment in the 21st century terrain. The digital arena or space is the technological factors that inflence the business environment when analyzing it from the external perspective. Modern and highly sophisticated technologies are being used in the banking and fiancial sector, health sector, the manufacturing sector, auditing and forensic analysis, service delivery and more. There is a commercial sense in obtaining and using digital technologies in businesses. This calls for the accountant then to be more knowledgeable about these digital technologies and how these technologies affects their duties.	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	January-March 2021;
dc.subject	ICAG MEMBERS JOURNAL JANUARY-MARCH 2021	en_US
dc.subject	ICAG MEMBERS JOURNAL JANUARY-MARCH 2021	en_US
dc.title	MEMBERS JOURNAL JANUARY-MARCH 2021	en_US
dc.type	Article	en_US