wHO ARE WE?

INSTITUTE OF CHARTERED ACCOUNTANT GHANA, ICAG

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dc.contributor.author	INSTITUTE OF CHARTERED ACCOUNTANT GHANA, ICAG
dc.date.accessioned	2022-11-21T16:41:31Z
dc.date.available	2022-11-21T16:41:31Z
dc.date.issued	2020-07
dc.identifier.uri	http://41.66.247.10:8080/xmlui/handle/123456789/653
dc.description	Public Interest Responsibilities Must Remain Paramount In The Age Of COVID-19 - A Statement From The International Federation of Accountants While the long-lasting societal and economic implications of CV-19 have yet to be fully realized, we have already begun to see the toll on the global financial ecosystem. Economic crises have historically served as a powerful catalyst for financial malfeasance, and this risk is no different in the current environment. All professional accountants need to be attuned to this heightened risk and continue to exercise high levels of diligence, integrity, and professional judgment. The International Code of Ethics for professional accountants, including International Independence Standards, establishes the standard of behaviour expected of a professional accountant. That is our public interest responsibility. Professional accountants -- whether serving as members of a board or audit committee, organizational leaders, preparers or auditors -- are critical to the financial reporting ecosystem. And while it is not possible for our profession to prevent corporate failures, it is our responsibility to continue to provide fair and reliable financial reporting and disclosures that appropriately incorporate our best judgments, estimates, and assessments as well as being alert to the increased risk of fraud and financial misrepresentation. In such a fast-changing and uncertain environment, management and board members, with their ultimate responsibility for preparing and overseeing financial reporting and communication, are urged to continually maintain an effective control environment, which will likely change or has changed as a result of adapting operating environments to remote working and other CV-19 demands. Auditors, likewise, should focus on the implications of any such changes to the control environment and any new or changed risks, and adapt their audit approaches accordingly to obtain sufficient appropriate audit evidence on which to base their opinions. Because of the unprecedented nature of CV- 19, greater transparency and disclosure of forward-looking information on an organization’s operating performance, financial position, liquidity and future prospects are more critical than ever even though current circumstances make this more challenging. Professional accountants in business need to make reasonable, good-faith judgments in the context, and on the basis of, information currently available. Transparency on known and material uncertainties, as well as robust processes and documentation supporting such disclosures, will help promote sound decisions, and auditors’ assessments thereon, that will stand the test of time. Importantly, this will also enable investors and creditors to make the most informed decisions possible. Professional accountants also need to play a pivotal role in ensuring the continued ability of organizations to be resilient to the significant challenges they face in these difficult times. This applies to all organizations—big and small---across all sectors of the economy, and involves helping organizations focus on good governance, sound strategy and strengthening their business models.	en_US
dc.description.abstract	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 influence. 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 benefit 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 financial 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 findings. 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 influenced by a range of other factors. The fiscal distortions caused by corruption, for example, erode the quality of government services, with dire consequences to the poor	en_US
dc.description.sponsorship	ICAG	en_US
dc.language.iso	en	en_US
dc.publisher	ICAG LIBRARY	en_US
dc.subject	ICAG LIBRARY NYARKO TWUM OSBORN ERNEST YAW DENKYIRA	en_US
dc.title	wHO ARE WE?	en_US
dc.title.alternative	OFFICIAL JOURNAL OF THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) APRIL/JUNE, 2020	en_US
dc.type	Learning Object	en_US