An enquiry has began by taughthe institute of Chartered Accountants Ghana to probe into the collapsed of these banks .

A statement has been released by the ICAG, below is a copy of the statement.

THE INSTITUTE OF CHARTERED ACCOUNTANTS – GHANA
RE: COLLAPSE OF SOME BANKS AND MATTERS ARISING

The Council of The Institute of Chartered Accountants (Ghana) has noted with great concern the current developments in the banking industry with particular reference to the collapse of seven banks.

The questions many people (accountants and non-accountants) are asking are:

i) Why couldn’t the external auditors of these banks pick up the going concern difficulty signals during the audit process?

ii) Does it amount to inefficiency or negligence?

iii) Is there any disciplinary action the Institute can apply to these auditing firms?

The Council of the Institute wishes to assure the general public that the Institute has a formalised procedure to handle complaints against its members.

The Professional Standards and Ethics Committee of the Institute, in line with its mandate, has initiated the necessary enquiries on the matter and that an appropriate action will be taken if merit to the complaint is established.

The Council appreciates the concerns of the public and will do everything possible to safeguard public interest.

Issued by: Council, ICAG

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