The four firms, according to the ICAG have been sanctioned for non-compliance with auditing standards.
Last year, ICAG formalised procedure to handle complaints against its members. The Professional Standards and Ethics Committee of the Institute, in line with its mandate, initiated the necessary enquiries on the matter and that appropriate action will be taken if merit to the complaint is established.
The committee was also to determine:
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?
Disciplinary Committee recommendations
Sources tell JoyBusiness, ICAG Council has endorsed the recommendations of the Disciplinary Committee to sanction the affected audit firms.
The Institute has said it will in due course issue a statement particularizing the sanctions meted out to the respective firms.
However, ICAG has insisted that the said infractions did not lead to the seven banks being placed under receivership.
The Institute says it will in due course issue a statement particularizing the sanctions meted out to the respective firms. However, ICAG wishes to state emphatically that the said infractions did not lead to the seven (7) banks being placed under receivership.
The Bank of Ghana announced the formation of Consolidated Bank Ghana Limited (CBG) to take over the good assets and the operations of Five (5) local Banks that were placed under receivership by Bank of Ghana.
In August 2017, Bank of Ghana approved GCB Bank Limited’s acquisition of the good assets of UT Bank and Capital Bank, through a Purchase and Assumption Agreement.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Tags:
Latest Stories
-
Paris Olympic hopes hang in the balance as Ghana’s 4×100 relay team drops baton at World Relays
1 hour -
Western Regional House of Chiefs commends Bawumia for his humility and respect for traditional authorities
2 hours -
#JustTurned18: First-time voters critical to deciding 2024 presidential election
3 hours -
Video: EC lied that the cost per voter in 2020 was $7.7; it was $12.5 – Bright Simons
3 hours -
Former IGP passes on
4 hours -
Ejisu by-election: Kwadaso MP gave money to EC officials out of goodwill – Ahiagbah
4 hours -
Millennium City: Land owner breaks silence on fatal shooting of soldier
4 hours -
Photos of 2024 Aboakyer Festival
4 hours -
#JustTurned18: I now have an opportunity to use my thumb to bring someone into power – Excited prospective voters
5 hours -
OSP acted as a whistleblower transferring Cecilia Dapaah’s case to EOCO – Sammy Darko
5 hours -
IMF calls for tariff adjustment for energy sector cost recovery
5 hours -
Samson’s Take: Journalists, block the pretentious idiots
7 hours -
Real Madrid crowned LaLiga champions after Barcelona’s defeat at Girona
7 hours -
Daniel Otting Awuah elected SRC President of Ghana School of Law
8 hours -
Lawrence Ati-Zigi signs St. Gallen contract extension
8 hours