Institute of Chartered Accountants Ghana

With direct responsibility for quality assurance (QA) reviews in Ghana, the Institute of Chartered Accountants (Ghana) (ICAG) maintains an operational Quality Assurance Monitoring (QAM) system managed by its Audit Quality Monitoring (AQM) Department. The system covers all statutory audits and continues to support audit quality through cyclical monitoring visits, initial assessments, and follow-up reviews.

ICAG has established well-developed review and oversight processes through its statutory committees, including the Accountancy Practice Review Committee, to support the independence and effectiveness of the QA review framework.

The Institute continues to strengthen its quality assurance processes through capacity building and technical support. Following earlier reviewer training support from the Institute of Chartered Accountants in England and Wales, ICAG has continued to build internal capacity for reviewers and practitioners. In 2022, ICAG was selected as a beneficiary of the IFAC professional accountancy organization capacity building program funded by Gavi and The Global Fund, which included support for the implementation of the new quality management standards.

ICAG continues its ongoing efforts to raise awareness and educate members on QA reviews and compliance with applicable standards. The QAM team has organized workshops and technical sessions on International Standard on Quality Management 1, International Standard on Quality Management 2, and International Standard on Auditing 220 (Revised) for practitioners and firms. These activities are complemented by continuing professional development programming and technical guidance informed by findings from practice reviews.

ICAG maintains well-established ongoing processes to fulfill its obligations under SMO 1, including monitoring implementation, supporting members with compliance, and updating review procedures as necessary to reflect new and revised standards.

Current Status: Sustain

The Institute of Chartered Accountants (Ghana) (ICAG) is responsible for establishing and monitoring the educational requirements for professional accountants in Ghana, including initial professional development (IPD), practical experience, final assessment, and continuing professional development (CPD) requirements.

ICAG continues to maintain well-established processes to ensure alignment with the International Education Standards (IES) through periodic curriculum reviews, syllabus updates, and continuing professional development requirements. The Institute requires completion of its professional qualification programme, at least three years of approved practical experience, and successful completion of its final examinations for admission as a Chartered Accountant.

ICAG has undertaken significant efforts to strengthen the quality of professional accountancy education. With support from the Institute of Chartered Accountants in England and Wales under the DFID-funded IFAC capacity building programme, the Institute enhanced its qualification framework, examination governance, practical experience arrangements, and accreditation mechanisms for tuition providers and training employers.

These efforts have been further strengthened through ICAG’s participation since 2022 in the Gavi and Global Fund-funded capacity building programme, implemented by the Pan African Federation of Accountants with technical support from the Institute of Chartered Accountants in England and Wales. This initiative has supported updates to the professional syllabus and learning materials, digitization of the qualification programme, and strengthening of the Institute’s public sector and training frameworks.

ICAG continues to operate structured quality assurance mechanisms over its education ecosystem, including the Partnership in Learning scheme for accrediting tuition providers and the Authorized Training Employers scheme for accrediting practical experience providers. The Institute also maintains formal engagement with universities and tertiary education institutions to support alignment with IES requirements.

The Institute’s Education and Training Directorate monitors compliance with the annual 35-hour CPD requirement, and non-compliance may result in disciplinary measures, including suspension of membership.

Through these ongoing activities, ICAG maintains well-established processes to fulfill its obligations under SMO 2 and continues to review and enhance its educational framework in line with evolving international standards and best practices.

Current Status: Sustain

Under the Companies Act, 2019 (Act 992) and the Institute of Chartered Accountants, Ghana Act, 2020 (Act 1058), the Institute of Chartered Accountants (Ghana) (ICAG) is responsible for adopting and supporting the implementation of International Standards on Auditing (ISA) in Ghana.

ICAG maintains well-established processes to monitor new and amended pronouncements issued by the International Auditing and Assurance Standards Board (IAASB) and to ensure that these standards are incorporated in accordance with their effective dates. This includes the latest standards contained in the 2025 Handbook of International Quality Management, Auditing, Review, Other Assurance, and Related Services Pronouncements.

The Institute continues to support implementation through a range of ongoing activities, including seminars, technical workshops, and continuing professional development programmes covering ISA, International Standards on Quality Management (ISQM), International Standards on Review Engagements (ISREs), International Standards on Assurance Engagements (ISAEs), and International Standards on Related Services (ISRSs).

ICAG also promotes the integration of auditing and assurance standards into professional education and university curricula through collaboration with the Ghana Tertiary Education Commission (GTEC) and accredited tertiary institutions. The Institute further disseminates updates on new and revised standards through its technical publications, professional journal, newsletter, and member communications.

Implementation of the standards is monitored through ICAG’s Quality Assurance Monitoring framework, which supports ongoing compliance with applicable auditing and quality management standards.

ICAG also contributes to the international standard-setting process through participation in consultations and by providing comments on IAASB exposure drafts.

Through these ongoing activities, ICAG maintains well-established processes to fulfill its obligations under SMO 3 and continues to support members in implementing new and revised auditing standards.

Current Status: Sustain

The Institute of Chartered Accountants (Ghana) (ICAG) has direct responsibility for establishing and supporting the implementation of ethical requirements for its members. ICAG has adopted the International Code of Ethics for Professional Accountants (including International Independence Standards) as issued by the International Ethics Standards Board for Accountants (IESBA) and incorporates revisions on an ongoing basis as they become effective. Accordingly, the 2025 International Code of Ethics is applicable in the jurisdiction.

ICAG maintains well-established processes to support the implementation of ethical requirements across the profession. Ethics is integrated throughout the Institute’s professional qualification syllabus and examination framework to ensure that aspiring professional accountants understand their ethical responsibilities and professional obligations.

All newly admitted members are required to complete ethics-related training as part of the qualification process for the Chartered Accountant (CA) designation and for members seeking admission to public practice. The programme includes case studies, scenarios, and self-assessment exercises designed to strengthen professional judgment and ethical decision-making.

Following admission to membership, professional ethics remains an ongoing requirement through continuing professional development (CPD) obligations. Members are required to remain current on developments in the Code, and this is reinforced through annual CPD returns and dedicated ethics-related technical sessions and workshops.

ICAG also supports enforcement of ethical requirements through its investigation and disciplinary framework and has taken disciplinary actions where members or students have failed to comply with professional and ethical standards.

In addition, ICAG contributes to the international standard-setting process by reviewing and providing comments on IESBA exposure drafts.

Through these ongoing activities, ICAG maintains well-established processes to fulfill its obligations under SMO 4 and continues to strengthen ethical awareness and compliance across the profession.

Current Status: Sustain

The Institute of Chartered Accountants (Ghana) (ICAG) continues to play a leading role in supporting the adoption and implementation of International Public Sector Accounting Standards (IPSAS) in Ghana in collaboration with the Ministry of Finance and the Controller and Accountant-General’s Department.

Public sector financial reporting in Ghana is now supported by a strong legal framework under the Public Financial Management Act, 2016 (Act 921) and the Public Financial Management Regulations, 2019 (L.I. 2378), including Regulation 208, which requires the application of the accrual basis of accounting.

ICAG continues to support implementation through technical advisory and capacity-building activities undertaken in collaboration with the Ministry of Finance and the Controller and Accountant-General’s Department. These activities include support for the national IPSAS implementation roadmap, technical advisory input on public sector financial reporting reforms, and ongoing coordination with key public sector stakeholders.

The 2022 Whole-of-Government Accounts were prepared on an accrual basis in line with the Public Financial Management Regulations and IPSAS requirements, demonstrating ongoing implementation and progress at the jurisdiction level.

ICAG continues to support implementation through the development and delivery of IPSAS-focused continuing professional development programmes, technical workshops, and learning resources for members and public sector accountants. IPSAS is also integrated into the Institute’s professional qualification syllabus and promoted within tertiary education curricula.

Since 2022, ICAG has also participated in the Gavi and Global Fund-funded capacity building programme, which includes the development of public sector syllabus and learning materials to support the training of public sector accountants.

In addition, ICAG contributes to the international standard-setting process through participation in consultations and by providing comments on International Public Sector Accounting Standards Board (IPSASB) exposure drafts.

Through these ongoing activities, ICAG maintains well-established processes to fulfill its obligations under SMO 5 and continues to support the implementation of IPSAS across the public sector in Ghana.

Current Status: Sustain

The Institute of Chartered Accountants (Ghana) (ICAG) is responsible for establishing and operating an investigative and disciplinary (I&D) system for its members in accordance with the Institute of Chartered Accountants, Ghana Act, 2020 (Act 1058).

ICAG maintains well-established procedures for the receipt, investigation, and resolution of complaints involving members and firms. The Institute operates dedicated structures to support the I&D process, including its legal and disciplinary mechanisms, and maintains records of cases, monitors case progress, and publishes outcomes where appropriate and in the public interest. Results of proceedings may be communicated through ICAG’s website, professional journals, and other regulatory channels, where relevant.

The enactment of Act 1058 significantly strengthened the I&D framework by providing explicit legal backing for sanctions, formalizing disciplinary and appeal processes, establishing independent statutory committees with significant non-practitioner participation, and introducing timelines and case tracking mechanisms. These reforms addressed areas previously identified for improvement and significantly enhanced alignment with SMO 6 requirements.

ICAG continues to support awareness and effective implementation of the I&D framework through seminars, technical guidance, and public communications aimed at both members and the broader public. The Institute also disseminates information on disciplinary procedures and outcomes through its professional publications and member communications.

Through these ongoing activities, ICAG maintains well-established processes to fulfill its obligations under SMO 6 and continues to review and strengthen the effectiveness of its investigative and disciplinary framework.

Current Status: Sustain

The Companies Act, 2019 (Act 992) governs the corporate financial reporting framework in Ghana and provides the legal basis for the preparation and filing of financial statements. The Institute of Chartered Accountants (Ghana) (ICAG) is responsible for adopting and promoting the implementation of International Financial Reporting Standards (IFRS) Accounting Standards and the IFRS for Small and Medium-sized Entities (SMEs) Accounting Standard in the jurisdiction.

ICAG maintains well-established processes to support the implementation of IFRS Accounting Standards across the profession. The Institute regularly organizes seminars, technical workshops, and continuing professional development (CPD) programmes to educate members on the application of full IFRS Accounting Standards and the IFRS for SMEs Accounting Standard, including updates on new and amended standards.

ICAG also supports implementation through technical publications, professional guidance, and access to relevant learning resources for members. In addition, the Institute offers specialized training programmes and post-diploma courses focused on the practical application of IFRS Accounting Standards.

As Ghana applies IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB), this includes the latest 2025 IFRS Accounting Standards in effect as of the time of the assessment.

ICAG also contributes to the international standard-setting process through participation in consultations and by providing comments on IASB exposure drafts.

Through these ongoing activities, ICAG maintains well-established processes to fulfill its obligations under SMO 7 and continues to support members in the implementation of new and revised financial reporting standards.

Current Status: Sustain