Institute of Chartered Accountants, Ghana Act, 2020 (Act 1058)
Institute of Chartered Accountants, Ghana Act, 2020 (Act 1058)
Act 1058 provides the statutory framework for the establishment, governance, regulation, membership, professional practice, discipline and administration of the Institute of Chartered Accountants, Ghana.
Key Areas Covered by the Act
Establishment & Functions
Establishes ICAG as a body corporate and defines its object and statutory functions, including regulation of accountancy practice, examinations, training, standards, ethics and professional development.
Governance of the Institute
Provides for the Council, tenure of office, meetings, disclosure of interest, committees, allowances, meetings of the Institute and policy directives.
Membership & Qualification
Sets out categories of membership, enrolment qualifications, membership certificates and restrictions on the use of the title “Chartered Accountant”.
Registration & Professional Conduct
Covers registration, rejection and suspension, cancellation, registers, restoration, professional misconduct and disciplinary procedures.
Public Practice of Accountancy
Regulates qualification for public practice, practice licences, firm registration, client information requirements and professional indemnity insurance.
Administrative & Financial Provisions
Covers offices of the Institute, internal audit, appointment of the Chief Executive Officer, staff, funds, accounts, audits, annual reports, fees and levies.
Important Regulatory Provisions
- ICAG regulates the practice of accountancy and accounting and auditing firms in Ghana.
- The Institute certifies persons who qualify to practise as auditors.
- Members are subject to professional conduct and ethics requirements consistent with international standards.
- Public practice requires the appropriate licence issued by the Institute.
- The Act provides for inspection and review of accountancy practices and firms.
- The Act empowers ICAG to maintain registers of members, firms and public practice licence holders.
- The Act establishes disciplinary and supervisory structures for professional misconduct and public practice oversight.
Schedules to the Act
First Schedule
International standard setting endorsed by the International Federation of Accountants.
Second Schedule
Accountancy Practice Review Committee and Public Accountancy Supervisory Committee.
Third Schedule
Composition, functions and procedures of the Disciplinary Committee.
Fourth Schedule
Rules governing meetings of the Institute.
Fifth Schedule
Professional misconduct and conduct that may result in disciplinary action.
Download the Full Act
Institute of Chartered Accountants, Ghana Act, 2020 (Act 1058).
