MEMBERS JOURNAL JULY-SEPTEMBER 2021

ICA Ghana

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dc.contributor.author	ICA Ghana
dc.date.accessioned	2021-09-15T12:06:40Z
dc.date.available	2021-09-15T12:06:40Z
dc.date.issued	2021-09
dc.identifier.uri	http://41.66.247.10:8080/xmlui/handle/123456789/411
dc.description	Smaller, less complex entities (LCEs) make crucial contributions to the world economy and account for the great majority of entities globally. The World Trade organization (WTO) research indicates that worldwide, small-and medium-sized entities (SMEs) account for more than 90% of businesses and more that 50% of employment. At the same time, increasingly complex structures and transactions need to be addressed in the International Standards on Auditing (ISAs). This complexity in the ISAs can pose challenges for audits of less complex entities. The new stand-alone standard for audits of less complex entities: • Is designed specifially for audits of a less complex entities • Is based on the underlying concepts from International Standards on Auditing • Was developed to be understandable, clear and concise • Reduces the risk of jurisdictional divergence by driving consistency and comparability globally • Will achieve a quality audit engagement Based on the feedback from a discussion paper and outreach, the IAASB has developed a draft standard that is proportionate to the typical nature and circumstance of an audit of a less complex entity and is responsive to those stakeholders’ challenges and is a global solution. The public consultation on this draft new standard is open until January 31, 2022. When fial, the standard will meet the growing global need while reducing the emerging risk of jurisdictional divergence. This landmark new draft standard represents a new era for the IAASB and stakeholder feedback is now needed. Source: https://www.iaasb.org/focusareas/new-standard-less-complexentities	en_US
dc.description.abstract	In the past three decades, Ghana has made a lot of progress in democratic governance reflcting in [the] successful eight elections and alternations of power between the two main political parties. However, most Ghanaian academics and politicians have observed that Parliament in the Fourth Republic has not been effective in discharging oversight over the Executive, despite its extensive powers of scrutiny and oversight enshrined in the 1992 Constitution. This has raised a lot of public concerns at a time of increasing public expenditure and debt situation. It is now globally established that the effectiveness with which a legislative organ performs its oversight function is a major determinant of government accountability. This paper examines the issue of oversight and accountability by critically analysing the impact of Ghanaian Political Culture and 1992 Constitution on the effective performance of oversight functions of Parliament and the Auditor General. In this modern era of organisational management and advent of corporate governance practices, we keep on hearing about the need for integrity in all aspects of management and governance. However, majority of today’s personalities perceive integrity as being in short supply. In the last three decades we have witnessed a situation of considerable irony, in which noteworthy achievements of business have been confronted with its great failures, and in which increasing discussion of corporate responsibility has been faced with the massive irresponsibility of some business organisations. The nature of business and its place in society has been a topic of considerable importance for quite some time now. Economic, political, social, and ethical issues are all intertwined in this discussion and centred on integrity of those in the helm of affairs of all organisations. The writer discusses the signifiance of integrity on the successful performance of organisations and the need to ensure that integrity is embedded in organisational culture. In economic sense, trade surplus is an economic indicator of a positive trade balance in which the exports of a nation outweigh its imports. Trade balance can be arrived by reducing the total value of imports from the total value of exports. In other words there is a trade surplus when a nation is exporting more than it imports, giving it an inflw of currency. The writer discusses Ghana’s trade surplus and its impact on the economy. He discusses how the country has not benefited much from the surplus and how it has not translated into balance of payment surplus. While cloud-based accounting is still a relatively new trend to the fiance sector, it already has a signifiant effect on the way many PAOs are working. Moving to the cloud can save an organization time, money, and effort, and eliminate the need to install expensive accounting software on individual machines, with separate licenses. But that barely scratches the surface of all the benefis a cloud-based working model can bring to a PAO. The article discusses cloud based accounting and the benefis organisations may derived when moved to cloud-base accounting.	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	JULY-SEPTEMBER 2021;
dc.subject	ICAG MEMBERS JOURNAL JULY-SEPTEMBER 2021	en_US
dc.title	MEMBERS JOURNAL JULY-SEPTEMBER 2021	en_US
dc.type	Article	en_US