NEW FIRM REGISTRATION GUIDELINES

Application, Registration, Initial Assessment, Categorisation and Licensing of Firms

Requirements and procedures for new firms seeking registration and licensing to practise accountancy with the Institute of Chartered Accountants, Ghana.

New Firm Registration & Licensing Brochure

Download the official ICAG guideline covering application, assessment, categorisation and licensing requirements.

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New Firm Registration Form

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Registration and Licensing Requirement

All new firms practising accountancy in accordance with Section 41 of the Institute of Chartered Accountants, Ghana Act, 2020 (Act 1058) shall be registered and licensed by ICAG.

Registration and Licensing Process

1

Application for Firm Licensing

All applications for firm registration and licensing should be submitted on the firm's letterhead indicating the names of the partners or sole practitioner. A template application letter should be downloaded from the Institute's website for this purpose.

2

Submission of Documents for Processing

A new firm registration form should be downloaded from the Institute's website and completed. The completed form should be submitted together with the following documents:

Copy of the Certificate of Incorporation under the Incorporated Private Partnership Act, 1962 (Act 152) or the Registration of Business Names Act, 1962 (Act 151).
Copy of ICAG membership certificate of the partners or sole practitioner.
Copy of the partners' or sole practitioner's current practising licence issued by ICAG.
Copy of receipt of payment of current-year membership subscription and practising licence renewal where the current certificate has not yet been issued by ICAG.
Copy of the partnership agreement, stamped and sealed, for firms registered under Act 152.
Curriculum Vitae of the partners or sole practitioner and other senior officers.
Copy of Professional Indemnity Insurance.
Copy of Tax Clearance Certificate to enable members holding practising licences to renew their licences, except where the practising licence was obtained in the current year.
Copy of Succession Plan.
Copy of Business Continuity Plan.
Copy of the prospective firm's documented system of quality management as required by ISQM 1 & 2.
ISA-compliant audit programme, including evidence of subscription or ownership.
Appointment Letter and Acceptance Letter of the appointed whole-firm Reviewer in the case of a sole practitioner, and for partnerships where necessary.
CPD records for the partners or sole practitioner and other qualified staff for the past 12 months.
Names of staff and their qualifications.
Applicable account disclosure checklists such as IFRS / IFRS for SMEs, Banking Act, Companies Act, Pensions Act and Insurance Act.
3

Initial Assessment Visit

All new applications for registration and licensing of firms undergo an initial assessment visit after submission of the completed registration form and supporting documents.

The assessment evaluates the firm's readiness to comply with International Standards on Auditing, the IESBA Code of Ethics, the quality management framework adopted by the Institute, Act 1058 and relevant ICAG directives.

4

Admissions Committee

The initial assessment report, completed new firm registration form and all relevant attachments will be forwarded to the Admissions Committee for review and approval.

5

Categorisation of the Prospective Firm

The firm will be categorised based on information provided on the registration form. A categorisation letter indicating the applicable fees will then be sent to the firm.

6

Payment of Fees and Issuance of Firm Licence Number

Upon payment of the applicable fees, the firm will be issued a licence number.

The licence is valid until 31 December each year and is renewable on 1 January each year.

7

Issuance of Firm Licence Certificate

The firm will be notified when its licence certificate is ready for collection.

Important Compliance Areas

The initial assessment considers compliance with International Standards on Auditing (ISAs) , the IESBA Code of Ethics , the Institute's quality management framework, the Institute of Chartered Accountants, Ghana Act, 2020 (Act 1058) , and relevant ICAG directives.

Contact Information

Institute of Chartered Accountants, Ghana

Accountancy House, Off Trinity Avenue, Okponglo, East Legon, Accra

Digital Address: GA-416-9960

Postal Address: P.O. Box GP 4268, Accra, Ghana

Telephone: 054 433 6701/2 | 027 780 1422/3/4