- 5 Marks
Question
The Institute of Chartered Accountants, Ghana Act, 2020 (Act 1058) gives power to the council to establish committees to regulate the Accountancy Profession and Practice.
Required:
Identify THREE (3) main committees and their role as stated under the new Act.
Answer
The three main committees under the Institute of Chartered Accountants, Ghana Act, 2020 (Act 1058) and their roles are:
- Accountancy Practice Review Committee:
- Monitors compliance with professional standards.
- Reviews the practice standards of registered firms.
- Ensures registered firms follow the prescribed accounting and auditing practices.
- Oversees quality control within the accountancy practice.
- Public Accountancy Supervisory Committee:
- Monitors and evaluates the public accountancy practice to ensure compliance with standards.
- Oversees the public accountancy practice of registered firms and ensures compliance with ICAG’s code of ethics.
- Disciplinary Committee:
- Receives and investigates complaints or allegations of professional misconduct against members of the Institute.
- Inquires, hears, and makes decisions regarding issues of professional misconduct.
- Takes necessary disciplinary actions where applicable.
- Tags: Accountancy profession, Committees, ICAG Act, Regulatory committees
- Level: Level 2
- Topic: Institutional Regulation and Standard-Setting
- Series: AUG 2022
- Uploader: Theophilus