Regulators of the accounting profession in the country, the Institute of Chartered Accountants, Ghana (ICAG), has fined four auditing firms a total of GH¢2.2 million for non-compliance with auditing standards.
Pannell Kerr Forster (PKF) Chartered Accountant, J. Mills Lamptey & Co., Morrison & Associates and Deloitte & Touche were sanctioned for various infractions they committed while exercising due assurances on the financial position of six collapsed banks.
In a statement signed by the President of the accounting profession’s oversight body, Professor Kwame Adom-Frimpong, the ICAG said the firms were fined for infractions committed while auditing six indigenous banks that were closed by the Bank of Ghana (BoG) in 2017 and 2018.
