ICAG to meet accountants, firms that worked for collapsed financial institutions

The Institute of Chartered Accountants (Ghana), the country’s regulator of the accountancy is set to meet with accountants and accounting firms that worked with financial institutions that lost their licenses in the Bank of Ghana clean up.

This latest action follows a similar one where four accounting firms were fined by the regulator for their various roles played in the collapse of five banks.

According to the Institute’s President, Prof. Kwame Adom-Frimpong, a monitoring team is already drawing a programme to enable them to investigate the issue and identify how members worked with the collapsed savings and loans companies as wells as microfinance companies.“We are drawing up a programme, in fact, the council [the highest decision-making body of ICAG] has given out instructions. So we are drawing a program whereby we can start from a few institutions because the microfinance sector itself has tiers or categories so you need to do it systematically.