Ghana

The Companies Act, 2019 (Act 992) establishes the core corporate financial reporting and audit framework in Ghana. The Act requires companies to keep proper accounting records, prepare annual financial statements, appoint auditors, and submit the required filings to the Office of the Registrar of Companies. The Act also provides the legal basis for the application of standards adopted by the Institute of Chartered Accountants (Ghana) (ICAG).

ICAG is the statutory standard-setting authority for accounting and auditing in Ghana. According to the IFRS Foundation’s jurisdiction profile, ICAG adopted IFRS Accounting Standards as Ghana’s national accounting standards effective 1 January 2007 and adopted the IFRS for SMEs Accounting Standard in 2010. IFRS Accounting Standards are required for all domestic companies whose securities trade in a public market and for other publicly accountable entities such as banks, insurance companies, securities brokers, pension funds, public utilities, and government business enterprises. Other business entities whose securities do not trade in a public market are permitted to apply either full IFRS Accounting Standards or the IFRS for SMEs Accounting Standard.

The Companies Act, 2019 (Act 992) also requires statutory audits and recognizes ICAG’s role in setting auditing standards. In practice, Ghana applies International Standards on Auditing as adopted by ICAG. The Act introduced auditor tenure limits, and ICAG continues to support implementation of applicable auditing requirements through its regulatory and standard-setting functions.

Additional sector-specific requirements apply to regulated entities. Banks and specialised deposit-taking institutions are subject to the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), under which audited financial statements must be submitted to the Bank of Ghana, and auditor rotation is required after six years. Bank of Ghana directives also require additional governance-related disclosures within audited financial statements and require external auditors to comment on the corporate governance report. Entities regulated by the Securities and Exchange Commission are subject to the Securities Industry Act, 2016 (Act 929) and related guidance, under which auditors’ reports must comply with the Companies Act and auditing standards adopted by ICAG. Insurance entities are regulated under the Insurance Act, 2021 (Act 1061), which repealed the Insurance Act, 2006 (Act 724), and now serves as the governing law for regulation and supervision of the insurance market.

The Institute of Chartered Accountants, Ghana Act, 2020 (Act 1058), which repealed and replaced the Chartered Accountants Act, 1963 (Act 170), establishes the Institute of Chartered Accountants (Ghana) (ICAG) as the statutory body responsible for regulating the accountancy profession and practice in Ghana. Under Act 1058, ICAG is mandated to regulate the practice of accountancy in the country; certify persons who may practise as auditors; prescribe and approve courses of study for the profession; conduct qualifying examinations; regulate training and professional development; maintain and publish registers of Chartered Accountants, practitioners, and practising firms; prescribe ethical and professional standards; conduct practice reviews; investigate and discipline members; and approve, adopt, and promote the implementation of international standards endorsed by the International Federation of Accountants.

The profession is regulated through mandatory membership for individuals wishing to use the designation of Chartered Accountant (CA) and for those wishing to engage in public practice. To qualify as a Chartered Accountant, individuals are required to complete ICAG’s professional accountancy education programme, obtain at least three years of approved practical experience, pass the Institute’s qualifying examinations, and be admitted to membership.

ICAG also offers the Accounting Technician Scheme West Africa (ATSWA) qualification as part of the regional programme administered through the Association of Accountancy Bodies in West Africa. The qualification is regionally recognized and is designed to prepare candidates for middle-level accounting and finance roles. It may also serve as a pathway into the Chartered Accountant qualification programme.

ICAG’s education and qualification framework is supported by its Education and Training structures, while tertiary institutions delivering relevant academic programmes operate under the oversight of the Ghana Tertiary Education Commission (GTEC).

To engage in public practice and sign audit reports, members must obtain a practising licence from ICAG, which is renewed annually. According to ICAG’s current licensing requirements, applicants must be in good standing and demonstrate at least four years of practical experience and two years of post-qualification experience. Under the Companies Act, 2019 (Act 992), statutory audits must be carried out by qualified auditors licensed for public practice.

Additional sector-specific requirements apply for auditors of regulated entities. Under the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), auditors of banks and specialised deposit-taking institutions must meet criteria set by the Bank of Ghana, including mandatory audit firm rotation after six years. Similarly, the National Insurance Commission establishes additional approval requirements for auditors of insurance entities under the applicable insurance regulatory framework.

Audit oversight in Ghana is carried out within the statutory framework established by the Institute of Chartered Accountants, Ghana Act, 2020 (Act 1058). While there is no separate independent public audit oversight authority outside the profession, Act 1058 establishes two statutory oversight and monitoring committees within the Institute of Chartered Accountants (Ghana) (ICAG): the Accountancy Practice Review Committee (APRC) and the Public Accountancy Supervisory Committee (PASC).

The APRC is responsible for monitoring compliance with applicable professional standards, reviewing the standard of practice of registered firms and practitioners, and considering matters arising from quality assurance reviews and professional conduct. The PASC has an oversight role and is responsible for monitoring and evaluating public accountancy practice to ensure compliance with standards and following up on issues emerging from practice firms and members of the Institute.

Although members of both committees are appointed by the Council of ICAG, the Act provides for these committees to operate as independent statutory committees in the discharge of their functions. As such, oversight of auditors and practicing firms is exercised through these committees within the legal framework of ICAG’s statutory mandate.

Accordingly, auditors in Ghana are regulated by ICAG through the independent oversight, practice review, and disciplinary arrangements established under Act 1058, as described in the Regulation of the Accountancy Profession section.

The Institute of Chartered Accountants (Ghana) (ICAG)

The Institute of Chartered Accountants (Ghana) (ICAG) is the sole professional accountancy organization in Ghana established by statute and recognized under the Institute of Chartered Accountants, Ghana Act, 2020 (Act 1058). ICAG was originally established under the Chartered Accountants Act, 1963 (Act 170), which was repealed and replaced by Act 1058 in 2020.

ICAG is responsible for regulating the accountancy profession and practice in Ghana. Its membership includes Chartered Accountants, student members, associate members, fellows, members of the Accounting Technician Scheme West Africa (ATSWA), and firm members. Membership is mandatory for individuals wishing to use the Chartered Accountant designation and for those wishing to engage in public practice.

Under Act 1058, ICAG’s responsibilities include regulating the practice of accountancy; prescribing and approving courses of study and conducting professional examinations; maintaining and publishing registers of members and firms; issuing and renewing practising licences; setting and monitoring compliance with initial professional development and continuing professional development requirements; prescribing ethical and professional standards; conducting quality assurance reviews; investigating and disciplining members for breaches of professional standards; and promoting the adoption and implementation of international standards.

In addition to being a member of the International Federation of Accountants (IFAC), ICAG is also a member of the Association of Accountancy Bodies in West Africa (ABWA) and the Pan African Federation of Accountants (PAFA).

In accordance with the Institute of Chartered Accountants, Ghana Act, 2020 (Act 1058), the Institute of Chartered Accountants (Ghana) (ICAG) is responsible for conducting quality assurance (QA) reviews of statutory audits and for adopting relevant quality management standards.

ICAG operates a Quality Assurance Monitoring (QAM) system through its Audit Quality Monitoring (AQM) Department, with a scope that covers all statutory audits. The system became operational in 2012 following technical support and reviewer training provided under a twinning arrangement with the Institute of Chartered Accountants in England and Wales.

The QA review system is operational for all mandatory audits and incorporates the requirements of SMO 1. In line with current international requirements, ICAG has adopted the International Standards on Quality Management (ISQM 1 and ISQM 2) as well as International Standard on Auditing 220 (Revised). ICAG’s 2023 Annual Report confirms that the Institute has provided training and implementation support to practitioners on the quality management standards and ISA 220 (Revised), including dedicated webinars and technical guidance materials.

The Institute has also established statutory oversight arrangements under Act 1058 through the Accountancy Practice Review Committee, which supports the independence and effectiveness of the QA review process.

ICAG reports that it has conducted a self-assessment of its QA review system against the requirements of SMO 1 and that the system is aligned with those requirements.

Current Status: Adopted

The Institute of Chartered Accountants, Ghana Act, 2020 (Act 1058) empowers the Institute of Chartered Accountants (Ghana) (ICAG) to establish and monitor initial professional development and continuing professional development requirements for professional accountants in Ghana.

To qualify as a Chartered Accountant, individuals are required to complete ICAG’s professional accountancy education programme, obtain at least three years of approved practical experience, pass the Institute’s final qualifying examinations, and be admitted to membership.

ICAG’s education and training framework is supported by its Education and Training structures, while tertiary institutions delivering relevant academic programmes operate within Ghana’s national tertiary education framework under the oversight of the Ghana Tertiary Education Commission.

ICAG continues to align its qualification framework with the International Education Standards (IES) through periodic curriculum reviews and updates to its syllabus and training structures. With support previously provided through the Institute of Chartered Accountants in England and Wales under the DFID-funded IFAC capacity-building programme, ICAG strengthened its qualification framework, practical experience arrangements, and university engagement mechanisms.

ICAG has established mandatory continuing professional development (CPD) requirements of 35 hours annually, of which at least 21 hours must be verifiable, in line with an input-based measurement approach under IES 7. ICAG’s current CPD guidance also explicitly incorporates IES 8 requirements for engagement partners responsible for audits of financial statements.

ICAG also offers the Accounting Technician Scheme West Africa (ATSWA) qualification as part of the regional programme administered through the Association of Accountancy Bodies in West Africa. The qualification is regionally recognized and serves as a pathway into the Chartered Accountant programme. Accounting technicians admitted into ICAG are also subject to the Institute’s CPD requirements.

Based on the current education, practical experience, assessment, and CPD framework, the requirements of the International Education Standards in effect as of the time of the assessment are considered adopted for aspiring and professional accountants regulated by ICAG.

Current Status: Adopted

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 auditing standards in Ghana.

Ghana applies the International Standards on Auditing (ISA) as issued by the International Auditing and Assurance Standards Board (IAASB) for all mandatory statutory audits. As of the time of this assessment, this includes the standards contained in the 2025 Handbook of International Quality Management, Auditing, Review, Other Assurance, and Related Services Pronouncements, which is the latest edition currently in effect.

ICAG’s technical standard-setting and review processes ensure that new and revised IAASB pronouncements are incorporated in accordance with their effective dates. The Institute’s technical committees continue to support implementation through technical guidance, continuing professional development, and professional examination content.

Accordingly, ISA in their entirety in effect as of the time of the assessment are adopted and required to be applied in all mandatory audits in Ghana.

Current Status: Adopted

The Institute of Chartered Accountants (Ghana) (ICAG) is responsible for establishing ethical requirements for professional accountants in Ghana in accordance with the Institute of Chartered Accountants, Ghana Act, 2020 (Act 1058).

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 Handbook of the International Code of Ethics for Professional Accountants (including International Independence Standards) is applicable in the jurisdiction as of the time of the assessment.

The Code applies to all professional accountants regulated by ICAG, including members in public practice and professional accountants in business, and forms part of the Institute’s qualification, licensing, and continuing professional development framework.

Current Status: Adopted

Public sector accounting standards in Ghana are governed by the Public Financial Management Act, 2016 (Act 921) and the Public Financial Management Regulations, 2019 (L.I. 2378). The legal framework provides the basis for the application of accrual-basis International Public Sector Accounting Standards (IPSAS) in the preparation of public sector financial statements. In particular, Regulation 208 explicitly stipulates that the basis for recognizing revenue, expenses, assets, and liabilities shall be the accrual basis of accounting.

The Ministry of Finance, the Controller and Accountant-General’s Department, and the Institute of Chartered Accountants (Ghana) (ICAG) share responsibility for supporting the adoption and implementation of IPSAS in the jurisdiction. ICAG has supported the Ministry of Finance in the development of the implementation roadmap and in promoting capacity building for public sector accountants.

The 2022 Whole-of-Government Accounts were prepared on an accrual basis in line with the Public Financial Management Regulations and IPSAS requirements, providing evidence of implementation at the whole-of-government level. Accordingly, accrual-basis IPSAS are adopted for application in Ghana’s public sector.

Current Status: Adopted

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

Act 1058 provides the legal foundation for the investigation, disciplinary, and appeal processes and strengthens the enforceability of sanctions imposed by the Institute. The Act establishes statutory committees, including the Public Accountancy Supervisory Committee, the Accountancy Practice Review Committee, and a Disciplinary Committee, which operate independently in the discharge of their respective functions. The framework provides for the investigation of complaints, referral to disciplinary proceedings where warranted, the imposition of sanctions, and the right of appeal.

ICAG maintains procedures for evaluating the independence of panel members, maintaining records of cases, monitoring case progress, and publishing outcomes where appropriate and in the public interest.

Prior to the enactment of Act 1058, ICAG had identified gaps in its I&D framework, primarily arising from legal constraints under the earlier legislation. The 2020 Act addressed these gaps by providing explicit legal backing for sanctions, establishing an independent disciplinary mechanism with significant non-practitioner participation, introducing defined timelines for reporting and case handling, and strengthening case tracking and oversight arrangements.

Accordingly, an I&D system incorporating the requirements of SMO 6 is established and operational for all professional accountants regulated by ICAG.

Current Status: Adopted

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 empowered by law to adopt accounting standards in the jurisdiction.

Ghana adopted International Financial Reporting Standards (IFRS) Accounting Standards as Ghana National Accounting Standards effective 1 January 2007, and this was reaffirmed in 2010 when ICAG adopted the IFRS for Small and Medium-sized Entities (SMEs) Accounting Standard. According to the IFRS Foundation jurisdiction profile, IFRS Accounting Standards are required for all domestic companies whose debt or equity securities trade in a public market.

In addition, IFRS Accounting Standards are required for the financial statements of all government business enterprises, banks, insurance companies, securities brokers, pension funds, and public utilities, whether or not their securities trade in a public market. All other business entities whose securities do not trade in a public market are permitted to apply either full IFRS Accounting Standards or the IFRS for SMEs Accounting Standard.

The IFRS Foundation further confirms that Ghana applies IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB), with no modifications, and that IFRS constitutes Ghana’s national generally accepted accounting principles. Because IFRS Accounting Standards have been adopted in full, new and amended IFRS Accounting Standards become effective in the jurisdiction without a separate endorsement process, which means the latest 2025 IFRS Accounting Standards in effect as of the time of the assessment are applicable in Ghana.

Accordingly, IFRS Accounting Standards in effect as of the time of the assessment are adopted and required to be applied by all domestic publicly accountable entities.

Current Status: Adopted

Relevant Organizations

Association of Accountancy Bodies in West Africa (ABWA)

Bank of Ghana (BoG)

Institute of Chartered Accountants (Ghana) (ICAG)

National Insurance Commission (NIC)

Relevant Legislation

Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930)

Companies Act, 2019 (Act 992)

Institute of Chartered Accountants, Ghana Act, 2020 (Act 1058)

Insurance Act, 2021 (Act 1061)

Public Financial Management Act, 2016 (Act 921)

Public Financial Management Regulations, 2019 (L.I. 2378)

Securities Industry Act, 2016 (Act 929)

Relevant Publications

Adzroe, Grace. An Overview of PFM Reforms in Ghana, May 2015

Audrey Grey, Ghana’s New Companies Act Passed, September 2019

Ghana Business News, Ghana Parliament Passes Companies Bill, May 8, 2019

ICAG, SMO Action Plan, 2023

IFRS Foundation, IFRS Application Around the World – Jurisdictional Profile: Ghana

IFRS Foundation, A Guide for Micro-sized Entities Applying the IFRS for SMEs (2009), June 2013

National Insurance Commission, Guidelines to Insurance Industry on External Auditors, July 2016

Public Finance Focus, Ghana Confirms Five-Year IPSAS Implementation Programme, October 28, 2014

World Bank, Report on the Observance of Standards and Codes (ROSC): Accounting and Auditing – Ghana, 2004