Business News of 2013-03-22

Terkper advocates ethical accounting standards

The Minister of Finance, Mr. Seth Terkper, has asked professional accountants to carry out their duties in line with the ethics of the profession in order not to lose respect and the trust that the public has reposed in them.

“Society invests a great deal of trust in its professionals, and as such it is crucial that professional accountants work to repay that trust and maintain the level of respect and regard in which the profession have been traditionally held.

“Ethical assumptions and system of governance. The accountancy profession, just like any others, is governed by certain ethical frameworks that informed practice.

“Anytime codes of ethics are set aside in the performance of our duties as professional accountants, our integrity is compromised,” he said at the induction ceremony for new members of the Institute of Chartered Accountants Ghana (ICAG), in Accra.

Mr. Terkper advised the inductees to be guided by the principles of good corporate governance, effective internal control, and proper risk assessment as well as professional and business ethics in their work, saying; “the profession relates to issue of governance, internal control, compliance and management of the risk in an organisation, in the context of an overall ethical framework.

“Accountants need to be aware of their responsibilities to investors, to society, and to the highest standards of professional probity and competence.”

He said although being able to identify, control and mitigate risks is integral to corporate governance as a whole, they play a crucial part in an accountant’s responsibility to act in the interest of shareholders and the public.

He implored accountants in the country to take keen interest in the continues professional development programmes and specialised diploma courses offered by ICAG to update their knowledge on current developments in the profession.

He commended the Institute for its relentless efforts over the years, and also for providing quality accountancy training for prospective accountants to enhance human capital development in which he admitted in a larger part dovetails into government’s overall developmental agenda.

Source: B&FT
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