Stick to globally accepted accounting standards - Michael Oquaye

The Speaker of Parliament, Professor Aaron Michael Oquaye, has reminded the Institute of Chartered Accountants Ghana (ICAG) to ensure that its members’ stick to high quality, globally accepted accounting standards to protect the public interest.

They were an invaluable asset and it was, therefore, important they accepted to go the extra mile to avoid anything unethical.

He was receiving a delegation of the ICAG, and ICA United Kingdom (UK) to his office at the Parliament House, in Accra.

The Speaker gave high marks to the nation’s accountancy body and pledged the readiness of the House to collaborate with it to maintain what he termed “professionalism and standards”.

“We cannot do our work well if we do not embrace the work of accountants - Parliament would want to work with you more.”

Mr. Christian Tetteh Sottie, the ICAG President, who led the delegation, informed the Speaker about their decision to bring a bill, seeking to update the regulatory framework of the profession.

Speaking to journalists later, he said they had held discussions with the Education Minister and that he had given firm assurance to push it through Cabinet.

Mr. Sottie said the new bill was likely to exclude accountants that were not members of the Institute from practising in the country.

The expectation was that this could be passed by the House by June, this year.

It was now in the draft stage and waiting to be forwarded to Cabinet before submission to Parliament.

The ICAG President said the existing accountancy law, passed in 1963, needed to be amended to reflect the new rules, standards and regulations in accountancy.

ICAG was established by an Act of Parliament in 1963 and is the only body that regulates accountancy in the country.

When it was established, it was nurtured by Institute of Chartered Accountants England and Wales, which is considered the premier accountancy body in the world.