The Institute of Chartered Accountants, Ghana (ICAG), has cautioned its members against engaging in tax fraud, payroll irregularities and the misappropriation of public funds, warning that offenders risk suspension or permanent withdrawal from the profession.
The Institute says chartered accountants have a critical responsibility to safeguard public resources and promote transparency and accountability in Ghana’s financial management system.
The warning comes amid growing concerns over financial irregularities involving public institutions, particularly Metropolitan, Municipal and District Assemblies (MMDAs).
According to Auditor-General’s reports, more than GH¢4.5 billion in public funds were reportedly misappropriated through the MMDAs, raising questions about accountability and the management of public finances.
Speaking at the conferment of fellowship on 103 chartered accountants in Accra, ICAG Chief Executive Officer, Dr. Eric Oduro Osae, urged the newly inducted fellows to uphold the highest standards of professional conduct.
He said society expects chartered accountants to play a leading role in protecting the public purse, particularly in areas vulnerable to financial abuse.
“As fellows, Ghana looks up to you to protect the public purse in the areas of taxation, public financial management, audit and payroll fraud,” Dr. Oduro Osae stated.
He warned that the Institute would not hesitate to sanction members who breach its professional and ethical standards.
Dr. Oduro Osae said the Institute’s disciplinary committee would continue to enforce its regulations, adding that members found guilty of misconduct could face sanctions ranging from fines and suspension to the withdrawal of their professional certificates.
“In recent times, as we confer fellowship on you, the Institute, through its disciplinary committee, will continue to apply the law. We advise you to maintain high standards and uphold the code of ethics of the institution,” he said.
He further cautioned that failure to meet the required professional standards could result in the withdrawal of certificates, suspension of membership, fines and penalties, as well as formal reprimands.
“In the worst-case scenario, you may be withdrawn from the profession,” he warned.
Other speakers at the ceremony also underscored the importance of professional integrity, urging chartered accountants to support government efforts to strengthen public financial management.
They challenged the newly inducted fellows to deploy their expertise in promoting prudent financial practices, transparency and accountability in both the public and private sectors.
The 103 accountants were conferred with fellowship in recognition of their professional standing, experience and contribution to the accountancy profession.
By Daniel Opoku
