Ghana : Accounting and Auditing

This report provides an assessment of accounting and auditing practices within the context of the Ghana institutional framework to ensure the quality of corporate financial reporting. The accounting and auditing practices in Ghana suffer from insti...

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Bibliographic Details
Main Author:	World Bank
Format:	Accounting and Auditing Assessment (ROSC)
Language:	English en_US
Published:	Washington, DC 2013
Subjects:	ACCOUNT ACCOUNTABILITY ACCOUNTANCY ACCOUNTANTS ACCOUNTING ACCOUNTING CURRICULUM ACCOUNTING FIRM ACCOUNTING FIRMS ACCOUNTING FRAMEWORK ACCOUNTING POLICIES ACCOUNTING RECORDS ACCOUNTING STANDARDS ACCOUNTING TREATMENT ACCOUNTS ACTUARIES AFFILIATES ANNUAL RETURNS AUDIT ENGAGEMENTS AUDIT EVIDENCE AUDIT REPORTS AUDITED FINANCIAL STATEMENTS AUDITING AUDITING PROFESSION AUDITING STANDARDS AUDITORS AUDITS BALANCE SHEET BANKING LAW BANKING RISKS BANKING SECTOR BANKING SUPERVISION BANKING SYSTEM BANKS BEST PRACTICES BILLS BORROWING BORROWING COSTS BUSINESS ETHICS BUSINESS MANAGEMENT CAPITALIZATION CASH FLOW CASH FLOW STATEMENTS CASH FLOWS CONFIRMATIONS CONFLICT OF INTEREST CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATION COST RECOVERY CREDITORS CREDITS DEBT DEFERRED INCOME DEPENDANT DEPRECIATION DISCLOSURE REQUIREMENTS EARNINGS PER SHARE EDUCATION STANDARD EDUCATION STANDARDS EDUCATIONAL PROGRAMS EMPLOYEE BENEFITS EMPLOYMENT EMPLOYMENT OPPORTUNITIES ENGAGEMENT LETTERS EXCHANGE COMMISSION EXCHANGE RATES EXTERNAL AUDITORS EXTRAORDINARY ITEMS FINANCIAL ACCOUNTING FINANCIAL INFORMATION FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL RESOURCES FINANCIAL STATEMENTS FOREIGN CURRENCY FOREIGN EXCHANGE FOREIGN INVESTMENTS IMAGE INCOME TAX INCOME TAXES INFLATION INFORMATION TECHNOLOGY INSURANCE INSURANCE COMPANIES INSURANCE COMPANY INSURANCE PREMIUMS INTANGIBLE ASSETS INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE INVESTMENT BANKERS LABOR FORCE LACK OF KNOWLEDGE LARGE ENTERPRISES LAWS LEGAL PROVISIONS LEGISLATION LIFE EXPECTANCY LITERACY LONG-TERM BORROWINGS MAJOR BANKS MARKET CAPITALIZATION MEDIUM ENTERPRISES MINORITY SHAREHOLDER MUTUAL FUNDS NATIONAL INSURANCE PEER REVIEW PENALTIES PENSION PENSION FUNDS PURCHASES QUALITY ASSURANCE QUALITY CONTROL QUALITY OF WORK QUALITY STANDARDS QUANTITATIVE METHODS QUESTIONNAIRE RESPONSIBILITIES RETAINED EARNINGS RETIREMENT RETIREMENT BENEFIT RURAL BANKS SECURED LIABILITIES SECURITIES SECURITIES DEALERS SECURITIES INDUSTRY SENIOR SOURCES OF INCOME STAKEHOLDERS STATE ENTERPRISES STOCK EXCHANGE SUBSIDIARIES SUBSIDIARY TAX COLLECTION TAXATION TECHNICAL SKILLS TERMINATION THE GAMBIA TREASURY BILLS VALUABLE WEB SITE
Online Access:	http://documents.worldbank.org/curated/en/2004/06/8359390/ghana-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/14531

Description
Summary:	This report provides an assessment of accounting and auditing practices within the context of the Ghana institutional framework to ensure the quality of corporate financial reporting. The accounting and auditing practices in Ghana suffer from institutional weaknesses in regulation, compliance, and enforcement of standards and rules. Various weaknesses were identified in the laws and regulations governing financial reporting. Although Ghana Accounting and Auditing Standards have been based on International Accounting Standards and International Standards on Auditing, respectively, they are outdated and gaps exist in comparison with the international equivalents. Furthermore, national ethical requirements for auditors are not in line with international requirements. Full compliance with Ghana National Accounting Standards is not readily achieved; some listed companies inappropriately claim compliance with International Accounting Standards. There is inadequate adherence to auditing standards and professional ethics. Apart from the banking sector practice, monitoring and enforcement mechanisms are ineffective. These factors, as well as poor quality accounting education and training, have contributed to weaknesses of the financial reporting and auditing regime. The policy recommendations provided in this report focus on improving statutory framework, strengthening enforcement mechanisms, upgrading professional education and training, and enhancing capacity of regulatory and professional bodies.

Ghana : Accounting and Auditing

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