2014年-世界发展银行全球_Republic_of_Ghana_Report_on_the_Observance_of_Standards_and_Codes___Accounting_and_Auditing_35页_623kb

Summary of the 2014 ROSC A&A Report for Ghana

Core Content

The Report on the Observance of Standards and Codes – Accounting and Auditing (ROSC A&A) for Ghana, published in December 2014, is the second review of the country’s financial reporting and auditing systems. It evaluates the implementation of the 2004 policy recommendations, identifies emerging issues, and proposes further reforms to strengthen the institutional framework for accounting and auditing in Ghana.

Main Objectives

• Assess the implementation of the 2004 ROSC A&A policy recommendations.
• Identify emerging issues in the financial reporting environment.
• Develop policy recommendations to enhance the quality of financial reporting and align it with international standards and good practices.

Key Findings

Progress Made

• Ghana has made strides in improving the financial reporting supply chain.
• The Companies Act 1963 (Act 179) has been revised and amended, leading to some improvements in statutory financial reporting requirements.
• IFRS, IFRS for SMEs, IPSAS, and ISA have been adopted.
• The Accounting and Auditing Profession has seen improvements, including the establishment of the Audit Quality Monitoring (AQM) Unit at ICAG.
• A course in public sector accounting and finance has been introduced in the revised syllabus of ICAG.

Areas for Improvement

1. Statutory Framework

• The Companies Act 1963 lacks explicit legal backing for IFRS, IFRS for SMEs, and IPSAS.
• There is no definition of Public Interest Entity (PIE) in the Act.
• The Office of the Registrar General faces capacity challenges in monitoring companies and reviewing financial statements.
• The Insurance Act 2006 does not mandate the use of IFRS, and related regulations are not finalized.
• Ghana National Accounting Standards are outdated and should be phased out by 2015.

2. Accountancy Education and Training

• Collaboration between ICAG and tertiary institutions needs to be strengthened.
• Ethics is not included in the current accountancy training program.
• Continual Professional Development (CPD) courses should be more practical and cover emerging issues.
• Foreign qualified practitioners should be required to write examinations in Ghana-specific subjects (e.g., tax and company law) before practicing in the public sector.

3. Accounting and Auditing Profession

• The AQM Unit reports findings to a sub-committee, which may limit its effectiveness in protecting the public interest.
• ICAG needs to strengthen its technical capacity to meet IFAC's Statement of Membership Obligations (SMOs).
• ICAG should establish legal and public sector committees to better engage with ongoing reforms.
• Small and Medium Practitioners (SMPs) should be encouraged to merge to improve their capacity and service quality.

4. Compliance with Standards

• Most regulators have weak capacity to ensure compliance with financial reporting standards.
• BoG is an exception in this regard.
• The Regulator's Forum should be strengthened to improve coordination and reduce duplication in the regulatory process.

Main Policy Recommendations

Conclusion

The report highlights that while Ghana has made progress in aligning its accounting and auditing practices with international standards, there are still significant gaps in the statutory framework, education and training, and enforcement mechanisms. The proposed policy recommendations aim to address these gaps and improve the quality of financial reporting, which is essential for sustainable economic growth and investor confidence.

The recommendations emphasize the need for institutional reforms, enhanced collaboration, strengthened capacity, and legal alignment to ensure that the financial reporting system in Ghana is robust, transparent, and aligned with international best practices.