The Institute of Chartered Accountants Ghana (ICAG) has given its members who were fined in a report in connection with the collapse of some banks a deadline to pay the associated fine or risk losing their license.

The regulatory body for accounting practice in the country has given the member's a grace period of up to January 2020.

According to the Institute, the sanctions will be enforced as part of those culpable member’s license renewal process.

Professor Kwame Adom Frimpong, ICAG President, disclosed this in an interview after hosting members of the Institute at this year's Presidential Luncheon in Accra.

Some accounting firms were found to have conducted themselves in a manner that is against international best practice in accounting.

According to the Prof Adom Frimpong, some members have begun the process to redeem their fines but have up to January 2020 to make all the payments.

This, he said, is part of moves to promote good ethics in the industry.

"The accounting profession is regulated by the institute and every year we renew the license for members, without the license one cannot practice.

“Some of the firms have written and we're yet to reply to them. Some of them are requesting for a rebate and time among others but they will surely pay,” he disclosed.

He added that whether members are fined or not, they must renew their license by January 1, 2020, but “in January if they owe then they will have to pay before getting the renewal or they won't be licensed to practice." 

Prof Adom Frimpong also responded to concerns raised by some of the firms and noted that their opinions are being considered and they will be communicated to in due time. 

The Presidential Luncheon is an annual event by ICAG to renew friendship between members and the leadership.