the institute of chartered accountants (ghana) -2014-16v1.pdfthe institute of chartered accountants...

THE INSTITUTE OF CHARTERED

ACCOUNTANTS (GHANA)

(ICAG) RE-AGENDA 2014/16: PROGRAMME OF ACTION AS

ENVISIONED BY THE PRESIDENCY FOR 2014-2016

JULY 2014

ICAG Presidency Agenda 2014-16 Page 1

TABLE OF CONTENTS 1.0 INTRODUCTION ............................................................................................................................ 3

1.1 OUR VISION – ICAG .................................................................................................................. 3

1.2 SEVEN-POINT AGENDA ........................................................................................................... 3

1.3 TRANSFORMATIONAL JOURNEY AND THE CHANGE FACTOR..................................... 3

2.0 AGENDA 2014-2016 ....................................................................................................................... 4

2.1 GOVERNANCE ........................................................................................................................... 4

2.1.1 ICAG LAW ........................................................................................................................... 4

2.1.2 OPERATIONAL IMPROVEMENTS .................................................................................. 4

2.1.3 DOCUMENTATION........................................................................................................... 6

2.1.4 PROTOCOL AND TRAVELS ............................................................................................. 9

2.1.5 OUTSOURCING SALE OF ICAG PARAPHERNALIA, ETC ........................................ 10

2.1.6 RUNNING ICAG SCHOOL .............................................................................................. 11

3.0 ICAG CHAIR IN ACCOUNTANCY ............................................................................................. 11

4.0 EMPOWERMENT OF AWAG WING OF ICAG ......................................................................... 12

5.0 DISTRICT AND PRACTISE SOCIETIES .................................................................................... 12

6.0 REGIONAL ROTATION OF ANNUAL CONFERENCES ......................................................... 12

7.0 2015 ACCOUNTANTS’ WEEK .................................................................................................... 12

8.0 ADVOCACY ROLE – ICAG Public Financial Management and Governance Advisory Team ... 13

9.0 ICAG FACULTY SYSTEM ........................................................................................................... 14

10.0 ICAG BUSINESS SUPPORT AND ENTREPRENEURSHIP CENTRE ...................................... 14

11.0 ACCOUNTING EDUCATION AND RESEARCH ASSOCIATION OF ..................................... 15

ICAG 15

12.0 PROFESSIONAL BODIES ASSOCIATIONS IN GHANA ......................................................... 15

13.0 PUBLIC FINANCIAL MANAGEMENT CENTRE OF EXCELLENCE ..................................... 15

14.0 EXAMINATIONS (PROFESSIONAL AND ATSWA) ................................................................ 16

14.1 ......................................................................................................................................................... 16


14.2 PRESUMED PRE-DETERMINED PASS LIST ........................................................................ 16

14.3 RECRUITING EXAMINERS .................................................................................................... 17

14.4 INTERACTING WITH EXAMINERS ...................................................................................... 17

14.5 ATSWA ENHANCED ENROLLMENT ................................................................................... 17

15.0 FORMATION OF DISTRICT SOCIETY IN MONROVIA, LIBERIA ........................................ 17

16.0 CONTINUED PROFESSIONAL DEVELOPMENT (CPD) ......................................................... 18

16.1 ENFORCING CPD CREDIT HOUR SYSTEM......................................................................... 18

16.2 COMPUTERIZATION AT ICAG SECRETARIAT .................................................................. 18

17.0 PHASE III PROJECT AND ICAG LANDED PROPERTY .......................................................... 18

17.1 SOD-CUTTING .......................................................................................................................... 18

17.2 ICAG LANDED PROPERTY .................................................................................................... 18

18.0 SUPPORT FROM THE WORLD BANK -ICAG’s ....................................................................... 19

COMPUTERIZATION PROGRAMME .................................................................................................... 19

18.1 REPORT ..................................................................................................................................... 19

18.2 COMMITTEE ............................................................................................................................. 19

19.0 ENHANCEMENT OF MEMBERSHIP BENEFITS/INCENTIVES ............................................. 19

20.0 BRANDING ICAG ......................................................................................................................... 19

21.0 SIGNED MOUs WITH UNIVERSITIES ....................................................................................... 20

22.0 MISCELLANEOUS MATTERS .................................................................................................... 20

23.0 STRATEGIC VISITS ..................................................................................................................... 22

24.0 2014-2016 COUNCIL .................................................................................................................... 23

25.0 CONCLUSION ............................................................................................................................... 23

APPENDIX 1 - BRIEF INVESTITURE SPEECH OF NEW ICAG PRESIDENT ................................... 24


1.0 INTRODUCTION

This statement is issued by the 2014/16 ICAG Presidency in furtherance to their vision as

made vividly clear in the President’s investiture speech on May 17, 2014. It is dubbed

AGENDA 2014/16 and it is set out to seek the buy-in of the ICAG 2014-16 Council

members and at the same time act as the blueprint to be followed by the management and

2014/16 Council of ICAG.

1.1 OUR VISION – ICAG

Be the premier Institute of chartered accountants in Africa;

Have a technically competent and appropriate membership;

Provide services of the highest professional standards to industry, commerce

and government;

Be recognized for highest standards of competency, integrity and excellence;

Provide the best services to members and students; and

Be accepted as an authoritative body in accountancy and financial matters.

1.2 SEVEN-POINT AGENDA

With this vision in mind, the Presidency seeks to execute the 2014-16 Council

agenda with the following core themes as encapsulated in the investiture speech:

To build on the operational improvements chalked by the Institute so far in its

50 year journey;

Cultivate a sense of inclusiveness among the membership and attract a more

diverse membership to the Institute;

Make the ICAG qualification and brand relevant to its members, students,

industry, commerce and the government;

Ensure that our advocacy role in the society is strong so as to present to the

public that we are duty-bound to protect very well and shape the future of the

accountancy profession in Ghana;

Exert ICAG’s regulatory authority over the accountancy profession in Ghana;

Change the conduct of ICAG Council elections in this digital age to an online

election system which befits Professional Accountancy Organisations (PAOs)

in the 21st century so as to involve a greater number of members in Council

elections;

To continue to brand the ICAG qualification as a respected PAO member in

IFAC.

1.3 TRANSFORMATIONAL JOURNEY AND THE CHANGE FACTOR

The seven-point agenda in our opinion, will set the tone to concretize the efforts

of our forebears and give ICAG a head start in the years ahead.


It is indeed a transformational journey to shape ICAG. Change is upon us; change

is inevitable; ICAG should change in all facets of its operations. Today, we have a

golden opportunity as the 2014-16 Council to effect the said change:

2.0 AGENDA 2014-2016

2.1 GOVERNANCE

2.1.1 ICAG LAW

Act 170, 1963 has served ICAG very well in the last fifty years. We have

seen the need for a review and have acted appropriately in the review

exercise. Sadly, we are not moving fast enough coupled with its attendant

challenges in finding the ‘true and legal’ name of the Institute as well as

preparing bye-laws of the Institute.

To take the bull by the horn in these two areas, we have proposed a three-

member committee chaired by IPP, Mrs. Angela Peasah, with Mr. Kwasi

Asante and Dr. Williams Atuilik as members to drive the following:

The successful final approval of the ICAG Act by Parliament;

The completion of the ICAG bye-laws; and

Solving the name change saga.

The committee may consider co-opting a member of the Institute with

parliamentary experience to offer advice. The collective support of the

Council would be required in this matter. It is my understanding that we

should be as ‘innovative’ as we can, to achieve our aim in these matters.

We should work to achieve this goal in 2015.

2.1.2 OPERATIONAL IMPROVEMENTS

(i) Organizational Chart

ICAG’s organogram needs to be revisited and streamlined to

vividly reflect the directorate system adopted. Seemingly, a

number of departments lack direction and too many managers are

reporting to the CEO. The directors need to be empowered to

effectively supervise managers rather than empowering most

managers to report to the CEO.

Accordingly, the CEO should be tasked by Council to develop a

new organizational chart for discussion and approval by the end of

September, 2014.


(ii) Productivity

Productivity is the key to the growth of every business setup. In

this connection, the Council will expect staff to put in their

maximum best and maximize the hours required from them.

Maintaining office hours is key, since the preparation and approval

of a workplan for staff is the norm and core practice in the

management of human resource. As a Council, we will endeavour

to concern ourselves with policy issues and strategic direction in

order to avoid descent to day-to-day issues. We hope management

will ensure strict supervision at all levels.

(iii) WORK PLAN

Over the years, Council has shown concern about a proper

appraisal mechanism for ICAG’s directors and managers. As a

PAO, it is not the best to reward directors and managers in the

same manner and form used for junior staff.

It is sad to hear the remark such as, ‘whatever the junior staff

receives by way of salary negotiation should be awarded to

managers’. This unfortunate reward system must stop. The rest of

2014 should be used to design a reward system for directors and

managers for implementation in 2015. In this regards, directors and

managers will be rewarded on merit from January 2016.

Directors/managers should develop a work plan which will form

the basis for their assessment and reward subsequently. The work

plans prepared by the directors should be available and approved

by Council in January 2015.

(iv) KEEPING OFFICE HOURS

The labour law requires that all staff should be committed to their

employer only. Any other work done outside approved office hours

should be duly approved by the employer. Accordingly, we expect

staff to put in their maximum number of hours and not to use

office hours for other jobs. Staff, irrespective of their level, should

seek prior approval for accepting second appointments on part-

time basis and the rule should be enforced by management.

(v) JOB ROTATION

Job rotation is practised widely as a form of job enrichment, multi-

tasking and grooming. In designing a job rotation plan, there is


always the need to take into consideration confidentiality and

technical skill required to handle certain job assignments. The

CEO and his management team should come up with a job rotation

plan involving staff up to the directors’ level for Council’s

consideration.

2.1.3 DOCUMENTATION

(i) Operational Manuals

Over the years, ICAG has developed various systems written or

unwritten to guide its operations. ICAG was highly commended by

the Malawian team that visited us recently.

However, to put it in the words of a Malawian team member; “we

heard so much from the Secretariat; it was good and indeed a good

job done by ICAG; we would have loved to get the systems

documented and printed for us to show copies to our people in

Malawi:”

Simply put, we need to document and archive all the good systems

we have developed over the years as a PAO. With the support of

the Chairpersons of the relevant Committees, it would be prudent

to use the rest of 2014 to document and print operational manuals

in the following key areas, among others not specifically stated.

We have noted that there are some existing written policy

documents that can be refined:

Finance and Reporting System

Examination System

Technical and Quality Assurance

Procurement and Stores Regulation

Human Resource Management

Students Management System

Library System

School Management System

ICT

Protocol and Travels

Internal Audit

Audit Quality Monitoring System

Management of Regional offices

Members’ Services


It would be relevant for a team to conduct prior review of the

policy documents before submission to Council. Accordingly, we

propose the following to constitute the team to conduct the prior

review on behalf of Council:

Ms. Rebecca A. Lomo - Chairman

Head, AQM - Member

Mr. Kwasi Gyimah-Asante - Member

CEO - Member/Secretary

Approved printed copies of the said manuals should be ready for

approval by Council in December 2014 and made available as

official printed documents by January 2015.

(ii) STANDARD LETTERS/MEMOS

To promote documentary coherence in ensuring better

communication within the ICAG community, it would be

appropriate to standardize letters and internal memos by creating

templates of these documents at the Secretariat. These templates

should be appropriately branded with ICAG’s logo and given

special reference numbers to distinguish letters and memos

emanating from the CEO’s secretariat from those from heads of

directorates. Apart from its control element in preventing

unauthorized use of ICAG letterheads and memos, it will also

serve as ICAG’s commitment to achieving quality and a standard

framework as an international PAO with a unique brand. To this

end, all letters/memos coming to Council Members and for

Council discussion should also bear ICAG’s standard reference

format.

(iii) HANDING OVER NOTES/WRITTEN REPORTS

As Council members, we have been guilty over the years for not

keeping appropriate files for activities either as chairpersons of

Committees or Presidents and Vice Presidents. We do not prepare

handing-over notes discussed and approved by Council at its last

sitting before the coming into office of a new Council.

The 2014-16 Council will cultivate the said practice and prepare

handing-over notes for discussion and approval by the Council at

its last sitting in May (end of Council’s tenure). The exercise will

help in a smooth handing-over process to the incoming Council as

well as act as a proper internal practice of a PAO.


In the same vein, Council and management staff undertaking

official trips sponsored by ICAG will necessarily produce a written

report on the trip to Council. The said report should be issued and

made available to Council within 21 days following the last day of

the visit. The CEO should track same and ensures that Council is

adequately kept in the loop of issues.

Council members reporting to Council, particularly chairpersons,

should be helped by the Secretariat to issue a written report in the

appropriate format and standard. In this connection, Council

members are encouraged to avoid issuing verbal reports to Council

unless there is some urgency attached to the report.

(iv) Internal Audit

To complete the governance system in ICAG, there is the need to

set up an Internal Audit Unit. Outsourcing the Internal Audit Unit

may not be appropriate option. As an international PAO, our

governance system must be solid and should include an internal

control outfit. The initial setting up of an internal audit unit is

recommended.

We wish to advise the Head of Audit Quality Monitoring Unit

(AQM) to commence the documentation of a system for the setting

up of the Internal Audit Unit for ICAG by October 01, 2014.

(v) Finance and Administration Directorate

There is the need to consider the creation of a finance and

administration directorate to be headed by a qualified accountant

(ICAG) by January 01, 2015. Challenges in the reporting function

over the years clearly points to the said direction. Accordingly, we

strongly believe that the experiences in the past strongly call for

the said strategic direction.

(vi) Chairs and Membership of Committees

As a practice, we recommend the appointment of chairpersons of

committees on our first meeting of the new Council and charge

them together with the CEO to constitute the committee members.

Names as agreed between CEO and the chairpersons would be

presented to the Council for approval by the individual

chairpersons who should be prepared to advise Council on the

background of each name included in the Committee. It is our

hope, that ICAG will open its doors widely in the spirit of

inclusiveness to the wider membership to fill such committee

membership positions.


We wish to recommend that to enrich the work of the Council in

view of the apparent absence of a hard core public practice

member on Council, the existing Chairmanship of Professional

Standards and Ethics Committee should be maintained. Same has

been discussed with the current Chair, Mr. Michael Asiedu-Antwi

and he has graciously accepted to chair same. We need to appoint a

deputy from Council who will report on his behalf to Council.

In the same vein, it would be appropriate to include Mr. Anthony

E. Minlah, as the deputy chair on the Publications and Public

Relations Committee, in view of the exemplary work done by him

to date.

Committees should be properly constituted by August, 2014.

(vii) Elections to Council

In this digital age, it is important for PAOs to follow international

practice that accords members the opportunity to vote online.

ICAG has reached the age to implement same through outsourcing

the online elections to one of the big four (4) practicing firms. The

online system will offer a broader reach to members to elect their

leaders in the comfort of their homes, offices, while airborne, and

overseas so long as they have internet access. The concept of using

National Electoral Commission to conduct PAO’s elections in our

opinion, is not the best practice worldwide. Again, our members

with the hallmark badge of ‘integrity’ should continue to regulate

their own affairs. Accordingly, the following members have been

proposed to drive this agenda in ensuring that the Council secures

AGM’s approval in 2015 for implementation in 2016:

Major Ablorh Quarcoo (Rtd.) - Chairman

Mrs. Angela Peasah - Member/IPP

Prof. Adom-Frimpong - Member

Mrs. Juliana Asante - Member

Chief Executive Officer - Member/Secretary

2.1.4 PROTOCOL AND TRAVELS

In the spirit of inclusivity, we have to put a premium on protocol systems

and extend to our revered past presidents, certain courtesies during

functions including travels to conferences.

Our revered past presidents should occupy vintage positions and must be

properly introduced during ICAG functions. Under no circumstances

should we allow past presidents to queue for lunch/dinners, etc. Regular


visits to their homes/offices plus two (2) times interactions in a year (one

breakfast meeting and one dinner meeting) should be organized. A two-

member Council team supported by the Director, Members Services is

proposed to advise on activities of the well-being of past presidents, as

well as ensuring proper sitting arrangement, etc., for past presidents and

current Council members:

Mr. Kwasi Asante

Ms. Rebecca Astwei Lomo

Director, Members’ Services

In the same spirit of inclusivity, Council’s approval is being sought for

certain conferences as determined by the CEO and subject to availability

of funds, should have in-attendance and fully sponsored by ICAG, a past

president in rotation. Council approval is sought immediately to include a

past president (Mr. Hyde, strategically selected) for the forthcoming

World Congress of Accountants (WCOA) in Rome or PAFA conference

in Mauritius. Meaning, ICAG will sponsor the President, Vice President,

Past President, CEO and one Director. During the 2014-2016 tenure of the

Presidency, we would be grateful to attend selected conferences as funds

permit with a past president and the Vice President and we pray for same

to be approved by Council.

The Past Presidents’ body would be informed to consider future

nominations as and when they are informed of such opportunity.

2.1.5 OUTSOURCING SALE OF ICAG PARAPHERNALIA, ETC

It is our hope that Council will consider and approve the outsourcing of

the sale of ICAG paraphernalia such as textbooks, souvenirs, cloth, pens,

exercise books, jackets, etc. PAO’s all over the world in developed

economies have duly outsourced the sale of such items. ICAG can do the

same and it will not be uncommon. It may prove challenging, but as

accountants, we are expected to put in place, proper controls for the

system to work.

In this connection, we expect an in-depth survey report on the concept -

private entity to sell ICAG’s items at ICAG House and at regional centres.

EPP Bookshop & Stationery is strong in this line of business and it would

not be out of place to approach them on such exercise. A survey report

should be ready for Council discussion and approval by October 31, 2014.

If approved, we expect the CEO to conclude the outsourcing by January

2015.


2.1.6 RUNNING ICAG SCHOOL

There are different opinions bordering on conflict of interest as regards the

running of ICAG School. A school of thought supported by the President

is that, ICAG should continue to run the school until there are strong and

credible tuition centres in Ghana. Accordingly, Council should consider a

management board for the ICAG School with the Chairman of Education

and Training Committee as the automatic chair of the board. We should

look forward to a vibrant board that will form strong collaboration with a

forward-looking universities in Ghana to design professional master’s

degree programmes in accountancy, tailored to the ICAG membership

qualification.

Such professional master’s degree (MACC) is common in USA, Canada,

India and currently, in South Africa. We should work out a hassle-free

master’s degree programme for our members which is recognized as a top-

up programme for our members by 2015.

A recommendation is made to form the following five (5) member board:

Chairman, Educational & Training - Chair

Prof. Edward Marfo-Yiadom - Member

Director, Professional Programmes, UPSA - Member

Mr. Owusu Afriyie, KNUST - Member


3.0 ICAG CHAIR IN ACCOUNTANCY

The professional chair established by ICAG at the University of Ghana has proved

successful judging from the report received from Professor Janet Oyemine Modupe Ande

(the holder of professorial Chair in Accounting established by ICAG in UGBS).

The report is good and far-reaching and we believe ICAG should continue to support her to

return to Ghana for a year or two to impact on the accountancy profession in Ghana. In

making the said call we believe that, Professor Ande should be supported by rotating the

Chair from University of Ghana to KNUST and charged with the mandate to develop a

top-up professional master’s qualification in KNUST that can be delivered in ICAG School

in Accra and other accredited centres. KNUST has been suggested in view of financial

support available at KNUST Business School compared to UCC.

If approved by Council, a three-member team in the persons of Prof. Adom-Frimpong, Mr.

Kwasi Asante and CEO would be asked to kindly drive the agenda for its implementation

in 2015.


4.0 EMPOWERMENT OF AWAG WING OF ICAG

It will be ideal to sponsor the President or the Deputy of AWAG to ICAN conferences to

accord them the opportunity to learn from their Nigerian counterparts.

There is the need to strengthen the women’s wing of ICAG by helping them in this initial

step to hold at least a day’s conference biannually to celebrate women accountants in

Ghana. We should help them revisit their AWAG constitution to broaden its scope to

include associates such as female accounting student in our universities, women working in

ICAG and others working in accountancy positions throughout the country. We should be

looking forward to the first one-day AWAG conference in 2015.

5.0 DISTRICT AND PRACTISE SOCIETIES

Our district and practice societies should also be encouraged to form formidable societies

with programmes that will count towards CPD credits. The Secretariat should draw up a

programme of regular visits to the meetings of the district societies. The Chairman of

Members’ Services Committee and Director, Members Services will champion the interest

of District/Practice Societies, and it is our hope that Agenda 2014-16 when approved by

Council would be shared with District and Practice Societies. The CEO should plan to

attend at least one evening interaction with presidents and secretaries of district and

practice societies annually.

6.0 REGIONAL ROTATION OF ANNUAL CONFERENCES

The regional rotation of annual conference concept has helped improve coherence among

members and boosted activities in regional cities (such as in Kumasi and Takoradi). The

concept will continue under the new presidency. With the approval of Council, we wish to

suggest that the 2015 Annual Conference be held in Cape Coast. It is my hope that it will

give the newly established Cape Coast District Society some vibrancy and the opportunity

to consolidate gains made so far for a permanent flourishing in the interest and well-being

of members in the Central Region. Again, as an Institute, we have not been very successful

in attracting the President of the Republic of Ghana to our programmes. We want to

leverage the support of the Omanhene of Ogua, a qualified accountant to secure the

participation of the Vice President of Ghana to one of our programmes in 2015.

As soon as the suggestion is approved by Council, the CEO is kindly asked to move to

work on a successful holding of ICAG’s 2015 Annual Conference and AGM in Cape

Coast.

7.0 2015 ACCOUNTANTS’ WEEK

The May 2015 Accountants’ Week/Annual Conference/AGM is likely to be held in the

third or fourth week of May 2015 in view of the Pan African Federation of Accountants

(PAFA) Conference in Mauritius which is scheduled for mid-May 2015. As usual, there


will be a planned health walk and church service. The District Societies outside Greater

Accra Region are required to organize similar health walks and church services in their

regions. The press conference would be held in Accra only and from 2015 onwards, it will

include a photo exhibition featuring members in Ghana and would be organized at the

forecourt of ICAG House. The exhibition would be opened by the ICAG President after the

press conference amidst background choral music from reputable choral groups in Ghana.

There is the need to showcase ICAG’s achievements over the years particularly, its

contribution to the development of the socio-economic growth of Ghana. Our forebears

and many others in the country deserve to be showcased to the people of Ghana. The photo

exhibition is the only added agenda to the Accountants’ Week. The former CEO, (Kwasi

Asante with his institutional memory of ICAG’s achievements) would be prevailed upon to

drive the photo exhibition assisted by Director, Membership Services, Director, Students’

Services and PRO as member/secretary.

8.0 ADVOCACY ROLE – ICAG Public Financial Management and

Governance Advisory Team

There is need to educate the public and policy makers and advocate for practices and

procedures that are not reactionary, but sound and effective. We have to endeavor to get

the right messages to the right people in the right fashion and at the right time. In this

regard, we wish to propose the setting up of an ‘ICAG Public Financial Management and

Governance’ Advisory Team. The terms of reference would be discussed and agreed by

Council. Primarily, we believe that the Team will advise Council on:

(i) the promotion of high quality public financial management and governance through

quarterly reviews of the financial management and governance system of our dear

country Ghana;

(ii) help ICAG to contribute to the preparation of national budget, and

(iii) advise ICAG on topical issues bordering on finance.

Truly, ICAG should not restrict itself to after-event analysis. It is envisaged that the voice

of ICAG would be heard through quarterly press conferences on the economy and

governance system of our country; making recommendation on the short-term, medium-

term and long-term direction to be pursued by the government. We believe that our

members in the public service may be co-opted during discussion of issues by the Team.

We should endeavour to shield our members in the public service from any ‘attack’ from

government of the day.

I wish to suggest an advisory team of CA’s and three subject specific experts:

NAME DESIGNATION AREA OF EXPERTISE

Hon. J.N. A. Hyde Chairman Accounting

Major Ablorh Quarcoo (Rtd) Deputy Chairman Accounting/Tax Policy

Dr. Williams Atulik Member Accounting/Public Fin. Mgt


Mr. Eric Oduro Osae Member Accounting/Public Fin. Mgt

NAME DESIGNATION AREA OF EXPERTISE

Dr. Dan Seddoh Member Accounting/Public Fin. Mgt

Mr. Abdallah Ali Nakyea Member Accounting/Tax & Economic Policy

Professor Cletus Dordunoo (Expert) Member Economics/Finance

Dr. Antwi Danso (Expert) Member Political Governance/Economics

Mr. Ras Boateng (Expert) Member Risk Management/Finance

Technical Director Member/Secretary Accounting\Finance

The Team is expected to meet four (4) weeks after the end of the quarter. It would be a

one-day meeting and a communiqué will be issued and approved by Council at the next

Council meeting followed by press conference thereafter.

The experts would be paid special honorarium for attending; the ICAG members will enjoy

normal sitting allowance for meetings. It is our hope that the first meeting would be

convened by August 02, 2014 and the outcome approved by the Council on August 05,

2014 for the first press conference date to be fixed thereafter.

9.0 ICAG FACULTY SYSTEM

The work of the Public Finance Management and Governance Advisory Team is expected

to last no longer than three (3) years by which time we would have, as an Institute,

developed the faculty system initiative to take over public advocacy and technical research

pronouncements. In this connection, we wish to advise the Technical Directorate of ICAG

to prepare for the official launch of the faculties during the September 2014 Presidential

Luncheon. The luncheon brochure should be branded with the concept of the faculty

initiative. The whole concept should be made available for Council approval on August 05,

2014.

We wish to suggest to Council that the operations of the faculties should be funded by

ICAG in the next two to three years so as to make them strong and gain the acceptance and

interest of members before charging subscriptions. Accordingly, we are seeking approval

for launching and funding the faculties for the first three (3) years.

10.0 ICAG BUSINESS SUPPORT AND ENTREPRENEURSHIP CENTRE

We need to make ICAG relevant to industry and commerce by way of providing some pro-

bono services to the public. Our retired elders in the profession would love to be ‘guardian

angels’ by helping SMEs in the country to grow. Remember that great nations like, USA,

Britain, Germany and now rising stars, India and China grew and are growing on the back

of SMEs.

It is time for ICAG to exhibit our relevance as the ‘priesthood of industry’. It will be a joy

for us and hopefully Council members to open our doors to industry and commerce for free


consultancy. We need to work out something to be seen contributing our quota to the

development of the country.

In this vein, we would like the Vice President to lead a team of four to drive this initiative.

It is open to discussion and suggestions as to the form it will take and we will need

Council’s input:

Mr. Christian Sottie - Chairman

Mr. Kwasi Gyimah Asante - Member


We should plan and implement the concept in year 2015.

11.0 ACCOUNTING EDUCATION AND RESEARCH ASSOCIATION OF

ICAG

Our former CEO, Mr. Kwasi Asante, initiated the formation of the said association and

arranged a few workshops and meetings. Sadly, the association did not gain ground as

expected. It is our wish to revive it. We would like to form a three-man team to drive the

agenda in the persons of Mr. Kwasi Asante, Prof. Edward Marfo-Yiadom, and Director

of Professional programmes in UPSA.

ICAG is duty-bound to regulate the teaching of accountancy in Ghana and some of us are

always bombarded by calls from National Accreditation Board (NAB) for ICAG to live

up to its mandate. The revived association should be able to a develop core body of

knowledge expected to form the structure of undergraduate and graduate accountancy

programmes in the country’s universities (some work was done by Profs. Nana Ghartey

and Omane-Antwi for NAB). We will seek the approval of NAB for the implementation

of ICAG’s benchmark in accountancy education. This is the opportunity for ICAG to lead

in such matters. We need to act now to leverage Prof. Omane-Antwi’s board membership

of NAB.

12.0 PROFESSIONAL BODIES ASSOCIATIONS IN GHANA

It was the wish of IPP to revive the association of Professional Bodies in Ghana to be

spearheaded by ICAG. In support of the revival, we wish to quote a portion of a

congratulatory letter received from CIMG: “One area of collaboration may be the need

for visible professional bodies like ours working under the umbrella of Association of

Professional Bodies to begin to play advocacy roles”. In our opinion, IPP can still realize

her vision. We are therefore suggesting to Council for approval that Mrs. Angela Peasah

should head a two-man committee with the Vice President to revive the Association of

Professional Bodies in Ghana.

13.0 PUBLIC FINANCIAL MANAGEMENT CENTRE OF EXCELLENCE


In partnership with the Chartered Institute of Public Finance and Accountancy of UK;

ICAG is to spearhead a centre of excellence in Public Financial Management.

The objectives and principles underlying the partnership are to ensure:

advocacy for financial management reform

identification of areas for capacity building

provision of a range of training materials, among others.

Already, Dr. Williams Atuilik is involved in the collaborative exercise and wishes to

recommend to Council to approve same so that Dr. Atuilik with the support of Technical

Director to execute the said programme to its logical conclusion for the benefit of ICAG

members (particularly those working in the public financial systems of the country) and

the country at large.

The Chartered Institute of Taxation, Ghana (CITG) is also interested in a joint post-

budget review seminar and it is worthwhile considering such programme.

14.0 EXAMINATIONS (PROFESSIONAL AND ATSWA)

14.1 INTEGRITY OF ICAG EXAMINATIONS

The integrity of ICAG examinations should be protected. Accordingly, it will be a

good idea for the Audit Quality Monitoring Team to conduct a five (5) year

review of ICAG’s examinations process/practices.

Thrugh this exercise will be an additional assignment, we believe that the huge

experience of Mr. Eghan will help streamline ICAG’s examination system which

will even help in developing a system manual.

14.2 PRESUMED PRE-DETERMINED PASS LIST

It is unconceivable that to date, knowledgeable persons in society still believe that

the institute pre-determines the number of candidates destined to pass professional

examinations at every examination diet. This gloomy but false picture should be

eradicated. It is being suggested for approval that ICAG opens up for observation,

the examination process, to reputable journalists from:

a) selection of questions by Examinations Committee;

b) sitting for the examinations;

c) collating of scripts at a centre;

d) marking of scripts; and

e) approval of examination results.

This one-off exercise for transparency reporting may cure the ill-conceived notion

about the conduct of ICAG examination, etc.

The Presidency has received a number of congratulatory messages, many urging

ICAG to be transparent in its examination process. This is just a thought for

consideration of Council. It may work the trick and therefore worth the try. We


stand to be corrected. For us, we pray that ICAG can open the door to attract

brilliant youth to pursue its professional accountancy programme.

14.3 RECRUITING EXAMINERS

Finally on examinations, we wish to recommend a formal advertisement for

examiners to enable the Examination Committee review the background of

examiners ICAG has been using over the years and to meet their training needs

following the introduction of the new examination syllabus. Training will be

undertaken for our examiners and also take up any offer of assistance to train

examiners.

14.4 INTERACTING WITH EXAMINERS

The CEO and the Director, Students Services should consider arranging the

interaction with Chief examiners at least once a year to prove the kind of value

the Institute places on their role in executing ICAG professional examinations.

14.5 ATSWA ENHANCED ENROLLMENT

We would be grateful if the Education and Training Committee, as a matter of

priority, will discuss strategies required to enhance enrolment in the ATSWA

technician programme.

What is working against ATSWA in our opinion is the lack of acceptance of the

qualification for proper placement by employers in both public and private

sectors.

ICAG, we believe, should move speedily to ensure the acceptance of the

qualification as a technician qualification comparable to HND. We have to do

more ‘selling’ of the ATSWA qualification.

Again, to date, we have not been able to integrate the ATSWA qualification very

well into ICAG programme of activities.

ATSWA holders should be invited to our conferences, etc., at differential rates.

We are certain that the new Committee will come up with rich ideas and strategies

to ‘sell’ ATSWA properly to employers and also enhance the value of the

qualification to holders.

15.0 FORMATION OF DISTRICT SOCIETY IN MONROVIA, LIBERIA

ICAG’s contribution to the growth of the accountancy profession in Liberia is currently

huge and we should concretize our efforts and success chalked so far with establishment

of ICAG’s District Society. ICAN has done so in Cameroun and in other countries. ICAG

is lucky to have a number of qualified Ghanaians in Liberia who are members of ICAG

and we can leverage on their presence to form a vibrant District Society. We wish to


charge Dr. Chris Sokpor, Mr. Arthur Fumbah and Dr. Salia Hussien, our members in

Liberia, to spearhead the formation of district society in Monrovia, Liberia.

16.0 CONTINUED PROFESSIONAL DEVELOPMENT (CPD)

16.1 ENFORCING CPD CREDIT HOUR SYSTEM

We seem to have paid lip-service to the enforcement of CPD credit hours before

renewal of membership certificates, etc. We believe that it is time to show some

seriousness. The Education and Training Committee should revisit and review the

CPD credit hours system and advise Council on how best our members can file

credits hours earned online for the year.

16.2 COMPUTERIZATION AT ICAG SECRETARIAT

There is a call for the review of computerization of systems at the Secretariat. The

CEO has been directed to present a detailed progress report on the World Bank

institutional support to ICAG to enable Council take a firm decision on CPDs.

Again, research needs to be conducted on members to clearly establish their

training needs to enable the Secretariat plan and tailor CPDs to meet their needs.

We expect that the Council would be in a position to enforce CPDs in 2015.

17.0 PHASE III PROJECT AND ICAG LANDED PROPERTY

17.1 SOD-CUTTING

Drawings for phase III of the accountancy village complex should be ready for

sod-cutting in the first quarter of 2015 to enable Council approach the

membership for an increase in the building levy at the 2015 AGM.

The building committee under the chairmanship of Major Ablorh Quarcoo (Rtd.)

should work with the CEO to realize the sod-cutting in 2015. It does not make

economic sense today to keep our funds as investments in the bank. We should

use it to build and we pray that we can secure the relevant drawings and approval

for phase III by the first quarter of 2015.

17.2 ICAG LANDED PROPERTY

In the same vein, Council should discuss the way forward for the land purchased

by ICAG. After the construction of the fence wall, by way of suggestion,

discussions should be held to deliberate on ‘partnership’ financing for the

development of the land. May be, a ‘BOT’ form of financing to moot the idea of

constructing an examination centre, etc., may help.


18.0 SUPPORT FROM THE WORLD BANK -ICAG’s

COMPUTERIZATION PROGRAMME

18.1 REPORT

Council has requested a full report on the World Bank institutional support for the

computerization of some ICAG’s operations, at the September Council meeting.

It is high time ICAG leverages information technology. Automation of systems,

processes, etc., especially in the following operations are urgently required:

Students and members records;

Examinations

Accounting systems

HRM

Library and

Communication with students/members.

18.2 COMMITTEE

In this regard, it is being proposed to set up an ICT Committee team to follow-up

ICAG’s ICT challenges and advice on the way forward for successful and prompt

automation.

19.0 ENHANCEMENT OF MEMBERSHIP BENEFITS/INCENTIVES

It is high time members reaped the goodwill of the ICAG brand. In this connection, the

CEO is requested to explore additional membership benefits such as:

Membership insurance

Air ticket discounts for local and international travels

Use of the business lounge at KIA Airport at a discount

Hotel accommodation/restaurant discounts

Attendance at shows/movies/pleasure beaches at a discount, etc.

Shopping discounts at shopping malls, etc.

These and many more can be arranged and we pray that the CEO will work on them

accordingly. It will be great to announce a number of discount packages before the 2015

AGM.

20.0 BRANDING ICAG

The ICAG brand should be promoted vigorously by all, especially the Secretariat. As a

PAO, there will be no worries if the ICAG brand is solid and the Institute takes

commanding heights of the profession in Ghana.

Competitors must understand that the ‘platform’ in the accountancy landscape in Ghana

is for ICAG. In a mature manner, efforts will be made to these competitors in constant

discussions to drum home ICAG’s regulatory role in the country. We will demand the


courtesy of clean adverts. To this end, the standing committee on this subject matter led

by Ms. Rebecca Lomo should continue to work to ensure clean competition.

It behooves on us however to take lead decisions and initiatives in making the ICAG

brand relevant to all. The CEO and his team should develop a branding package for

consideration and approval by the Council.

We should be seen, heard and experienced by all from the senior high schools, to the

universities and to the captains of industry/commerce, not forgetting the public sector.

Branding has remained a topical issue for the Institute in recent times. May be, we may

need the input of people who practice and appreciate marketing to help pursue the

branding agenda.

21.0 SIGNED MOUs WITH UNIVERSITIES

The Education and Training Committee (ETC) should design a review programme to

ensure that universities signed on to collaborate with ICAG are maintaining high

standards. It is ICAG’s duty to ensure that we monitor such collaborations. A tracer

system should be implemented to track the progress of students in ICAG examinations

and advise the universities accordingly. Professor Omane-Antwi prepared draft review

manual for ICAG and we believe that the ETC should refine the document for immediate

use. The Chairpersons of ETC and Examination Committee plus the CEO should discuss

and offer concrete way forward for the said review and report to Council March 31,

2015.

22.0 MISCELLANEOUS MATTERS

(i) Editorial Board

The Publication and Public Relations Committee should consider a formidable

Editorial Board to drive ICAG’s publications. We wish to suggest Rev. Nicholas

Darko to chair the board. He is a member and used heavily by international

journals to review articles. As editorial board chairman, he will be able to pin-

point members who can support him to ensure timely delivery of publications.

We wish also to suggest that the Committee consider offering honoraria for

published articles and include universities within and outside Ghana.

Similarly, we should work on the students’ newsletter which is delivered

electronically by PAOs in the 21st century.

(ii) Executive Council (EXCO)

EXCO has operated over the years and will continue in 2014-6. However,

EXCO’s decisions will be subject to approval/ratification by Council members.


This practice would be upheld by EXCO members. Transparency is the key and

we want to uphold same.

In the same vein, the practice of saddling the President/Vice President with

financial reporting function needs to be revised. We wish to suggest that a three-

man team should be charged with financial/reporting:

Vice President - Chairman

Prof. Kwame Adom-Frimpong - Member

CEO - Member

Quarterly and annual financial reporting will be reviewed by the team and

questions and answers provided on the reports at General Meeting. The team will

ensure the proper preparation of budgets and quarterly management accounts to

the Council.

ICAG’s annual budgets should come for discussion and approval by Council in

December every year.

The team will draw a programme to ensure the timely audit of ICAG financial

statements and the publication of audited financial statements.

Again, the team will recommend expenditure authorization limits for EXCO,

CEO, directors as well as bank mandates.

Additionally, the existing strategic plan will end in 2014; the team should guide

management in the preparation of a new Strategic Plan for ICAG. The new

Strategic Plan and the 2015 budget should be available and approved by Council

by December 2014.

(iii) Presidential Pendants

Both President and Vice President’s pendants should be kept by the Institute. The

CEO should ensure that the PRO has the pendants ready to decorate the President

and the Vice President to attend a programme(s) as and when protocol demands.

The pendants should be collected after a programme and under no circumstance

should the pendants be taken home. It is the property of ICAG.

(iv) Speech Writing for the Presidency

A speech delivered by the Presidency is invariably considered as a position of

ICAG. Accordingly, speeches should be vetted by Council whenever appropriate.

We expect speeches for the presidency to last an average of 15-20 minutes.

Speeches for the presidency should be written and vetted by:

Vice President

Vetting – Both to vet through email comments

Dr. Williams Atuilik


Technical Director

CEO Any one to write as directed by the

CEO

PRO

23.0 STRATEGIC VISITS

The Council is requested to approve the following strategic visits:

Immediate (Priority A)

Minister of Education – Supervisory ministry

Minister of Finance – Support and collaboration

Minister of Interior – Issuing of quotas to foreign

companies for accountants

Minister of Local Government

and Rural Development – To sell the idea of appointing chartered

accountants as finance officers at District

Assemblies

Immediate (Priority B)

Senior Partners of:

PWC

KPMG

Deloitte Interaction and training opportunities for fresh graduates of ICAG

Ernst & Young

PKF

Other selected

indigenous firms as

advised by AQM

Immediate (Priority C)

Inspector General of Police and CID Boss – To ensure that Accountants falling foul

of the law should be investigated as to

ICAG membership rather than lumping

all as qualified accountants.

Visits to the Presidency

o President – To share the new advocacy of ICAG and

invite him to 2016 Annual Accountants’

Conference

o Vice President - To invite him to 2015 Annual

Accountants’ Conference in Cape Coast

Asantehene-Otumfuo - To share our new advocacy role with him

as a product of UPSA.


The strategic visits are all aimed at branding, and if approved by Council would be driven

by the Vice President of ICAG.

24.0 2014-2016 COUNCIL

It is heart-warming to welcome the following members to the 2014-2016 Council of

ICAG:

Prof. K. B. Omane-Antwi - President

Christian T. Sottie - Vice President

Mrs. Angela Peasah - Immediate Past President

Dr. Williams A. Atuilik - Member

Prof. K. Adom-Frimpong - Member

Maj. D. Ablorh-Quarcoo (Rtd.) - Member

Mr. Richard Q. Quartey - Member

Ms. Rebecca A. Lomo - Member

Mr. Kwasi Asante - Member

Ms. Grace Adzroe - Member

Mr. Kwasi Gyimah-Asante - Member

25.0 CONCLUSION

We cannot afford to disappoint our members, especially considering the strong calibre of

members on the 2014-16 Council. We have the benefit of everything on Council

including the knowledge and experience of IPP and former CEO.

Let us make ICAG the ideal and first choice for all as well as make the value of

membership appealing to different segments of our society today.

We urge Council members to dissect Agenda 2014/16 for relevant amendment(s) and

approval; it is our road map for 2014-16.

We thank you for reading ICAG’s Agenda 2014-16.

Appendix 1 is a copy of the President’s Investiture Speech.

PROFESSOR K. B. OMANE-ANTWI - ICAG President, 2014-2016

MR. CHRISTIAN SOTTIE - ICAG Vice President, 2014-2016


APPENDIX 1 - BRIEF INVESTITURE SPEECH OF NEW ICAG

PRESIDENT

Our God who began it has duly accomplished it. Glory be to His Name!

I want to thank my colleagues for electing me as their Chief Servant of this great Institute.

God being my helper, I can assure you that you will not be disappointed.

I also want to thank my wife and family for their support. Particularly, I want to pay a

tribute to Mr. Joseph Kobina Forson, a former senior Partner of Deloitte and Touché,

Chartered Accountants International, who in 2006 completed my nomination form and came

to my office for my signature and gave me a prophecy that you will be the President of ICAG

one day. Today, the said prophecy has been fulfilled and I am sure he is smiling in his grave.

May the Lord our God continue to give him a peaceful rest.

My fellow Chartered Accountants, our dear Institute will not be the same again.

Together we are on a transformational journey to build an Institute we will all be proud of.

I will be building on the operational improvements and relationship-building initiatives

already in place. Together with my Council and with your support, we will enhance the

Institute of Chartered Accountants, Ghana (ICAG) brand and change the face of the

accountancy profession landscape in Ghana.

I am not interested in the colour of your accountancy qualification certificate; whether it is

red, yellow or green. I am interested in the star of excellence in the qualification, the black

star, which for me, is the excellence ICAG has pursued since 1963.

Together with my Council, we would cultivate a sense of inclusiveness among the

membership and attract a more diverse membership and younger professionals to the

Institute. We would like to make sure that the value of membership is diverse enough to

appeal to different segments.

We will do different things differently and with a sense of purpose and commitment.

We need to educate the public and the policy makers and advocate for practices and

procedures that are not reactionary, but proactive, sound and effective. We will endeavour to

get the right messages to the right people in the right fashion and at the right time.

We would make ICAG relevant to its members and students, relevant to industry and

commerce and relevant to the government.

Our voice as an Institute would be heard; our advocacy role in society would be strong so as

to represent the public that we are duty bound to protect very well and shaping the future of

the accountancy profession in Ghana.


ICAG will leave no stone unturned to exert its regulatory authority in Ghana. We will not

share or leave it to any other body.

Change is upon us; change is inevitable; ICAG will change in all facets of its operations

including even how we conduct elections; now is our opportunity and I need your support.

Sincerely, your Chief ICAG Servant, Professor Kwame Boasiako Omane-Antwi.

I thank you all…

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