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24.05.2004 Business & Finance

ICA to impact on adoption of "Eco"

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Accra, May 24, GNA - The Institute of Chartered Accountants (ICA) is to hold a series of conferences to analyse pertinent issues relating to the planned adoption of the second common currency in the sub-region. The conferences, which forms part of this year's ICA Week Celebrations, would come out with suggestions and recommendations to be forwarded to the West African Monetary Institute (WAMI) on the way forward for the adoption of the currency to be known as the "Eco". Speaking on Monday at the launch of the week's activities, Mr John Klinogo, ICA President said the theme, "The Eco and Regional Integration" was of much importance to the Accounting profession, especially since the business environment would be transformed with the introduction of a common currency in the sub-region.

"As Accountants we stand a better chance to recommend to policy makers the gains the would be enjoyed when the Eco is introduced as well as notify the public on the pitfalls that are likely to come with the implementation," he said.

Mr Klinogo said despite the numerous challenges facing the profession in Ghana, Accountants have continued to play significant roles in the economic development of the nation through sound financial accounting, reporting, management and expert advice on a variety of business and taxation issues.

He announced that the Institute as a major step in the development of the academic base of the profession, would endow a chair of Accountancy at the School of Administration, University of Ghana to enable it carry out the necessary research and make relevant academic publications to deepen the knowledge of the profession.

Mr Klinogo said as means of assisting small and medium firms, the Institute's Council would establish a desk at the secretariat to provide avenues for technical support on practical problems encountered in the course of business.

On upholding the principles of the ethics of the profession, he said the Ethics Committee has been mandated to proactively review more accounts and those to be found with any breaches would face disciplinary action.

Mr Klinogo announced that the Institute had from its own resources, mobilized seed money to start the construction of the first phase of the Accountancy school Complex on a land leased from the University of Ghana, Legon within the next few months.

This year, 64 students would be graduating into the membership of the Institute to bring the number of qualified Chartered Accountants to 1,200.

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