CHARTERED ACCOUNTANTS ACT - 1963 (ACT 170)

    • There shall be established an Institute to be known as the Institute of Chartered Accountants (Ghana).

    • (1) The Institute shall be a body corporate having perpetual succession and may sue and be sued in its corporate name.

      (2) The Institute shall have a common seal and may hold, acquire and dispose of any property, movable or immovable.

      (3) The common seal of the Institute shall be kept in such custody as the Council may from time to time determine, and shall not be affixed to any document or instrument except by order of the Council, and in the presence of two members of the Council who shall sign any such document or instrument independently of the signature of any person who may have signed the document or instrument as a witness.

    • First Sch.

      Meetings of members of the Institute shall be held in accordance with the provisions of the First Schedule to this Act.

    • (1) Subject to the provisions of section 14 of this Act,

      (a) a person who passes the qualifying examinations for membership of the Institute to be conducted by the Council under this Act, and completes practical training of such description and for such period as may be prescribed by the Council;

      (b) a person who is a member of any society or institute of accountants by whatever name called and approved by Regulations made by the Council as being in the opinion of the Council an association of equivalent status to the Institute,

      shall be eligible for membership of the Institute:

      Provided that a person admitted to membership of the Institute under paragraph (b) of this subsection shall not be entitled to use the title referred to in section 6 of this Act unless he has passed the qualifying examinations for membership of the Institute; but any such person may use any title to which he is entitled by virtue of any qualification he possesses.

      (2) Notwithstanding the approval of any society or institute mentioned in paragraph (b) of the preceding subsection, the Council may declare that any specified class or description of members of any such society or institute shall not be eligible for membership of the Institute.

      (3) Regulations made by the Council prescribing practical training for the purposes of paragraph (a) of subsection (1) of this section, may contain such special provision as the Council may deem expedient declaring that a person,

      (a) who had commenced, prior to the commencement of this Act, and completed or completes, whether prior to or after that date, training of such description and duration as may be specified in the Regulations; or

      (b) who has service in a post and who completes training of such description and duration as may be specified in the Regulations,

      shall be deemed to have completed the training prescribed for the purposes of the said paragraph (a).

      (4) Regulations made by the Council by which any society or institute is approved for the purposes of paragraph (b) of subsection (1) of this section may provide, as a condition of such approval, that a member of any such society or institute shall not be eligible for membership of the Institute unless he has undergone such training or has acquired such practical experience in the subject of accountancy, as may be specified or described in the Regulations.

    • (1) Subject to the provisions of section 14 of this Act, a person who is eligible for membership of the Institute shall be enrolled as a member upon the payment to the Council of an entrance fee and an annual subscription the amounts of which shall be prescribed by the Council from time to time.

      (2) Fees shall be paid to the secretary of the Council.

      (3) All annual subscriptions payable under this section shall be due and payable on the first day of January in each year or, in the case of members admitted after that date, on the date of admission.

    • Save as otherwise provided in subsection (1) of section 4 of this Act, every member of the Institute not being a practising accountant shall be entitled to take and use the title "Chartered Accountant" and shall have the right to use the expression "C.A." after his name to indicate that he is such a member.

    • (1) The governing body of the Institute shall be the Council which shall consist of eleven members all of whom shall be members of the Institute.

      (2) Four members of the Council shall be appointed by the Minister and seven members, of whom not more than four shall be accountants in active practice, shall be elected by members of the Institute at a general meeting.

      (3) The Council shall from among its members elect a President and a Vice-President.

      Second Sch.

      (4) The Council shall not perform any function imposed or conferred upon it by this Act unless the President of the Republic has, by Instrument in the form set out in the Second Schedule to this Act, appointed the day on which the Council shall commence to perform its functions.

    • (1) Every member of the Council shall, unless he earlier vacates his office, hold office for a period of two years from the date of his appointment or election.

      (2) A member of the Council shall vacate office by writing under his hand addressed to the Minister or, as the case may be, to the President of the Institute or if he ceases to be a member of the Institute.

      (3) In the event of the death of, or vacation of office by, a member of the Council,

      (a) where such member was appointed by the Minister, the Minister shall appoint another person; and

      (b) where such member was elected, the Council shall co-opt another person till the holding of the next annual general meeting.

      (4) Any member of the Council who vacates office by effluxion of time shall be eligible for re-appointment or re-election as a member.

    • (1) The Council shall be charged with the administration and management of the Institute and shall be responsible for carrying out the provisions of this Act and the functions conferred upon the Council by this Act.

      (2) It shall be the duty of the Council,

      (a) to conduct or provide for the conduct of the qualifying examinations for membership of the Institute or for registration as a registered accountant under this Act and to prescribe or approve courses of study for such examinations;

      (b) to supervise and regulate the engagement, training and transfer of articled clerks;

      (c) to specify the class of persons who shall have the right to train articled clerks and to specify the circumstances in which any person of that class may be deprived of that right;

      (d) to maintain and publish a register of chartered accountants and of practising accountants;

      (e) to secure the maintenance of professional standards among persons who are members of the Institute and to take such steps as may be necessary to acquaint such persons with the methods and practices necessary to maintain such standards;

      (f) to maintain a library of books and periodicals relating to accountancy and to encourage the publication of such books; and

      (g) to encourage research in the subject of accountancy and generally to secure the well being and advancement of the profession of accountants.

    • The Council may appoint a secretary and such other officers and employees as it may deem necessary.

    • (1) The Council shall establish and maintain a fund under its management and control into which shall be paid all moneys received by the Council by way of grants-in-aid from the Government or otherwise and out of which shall be met all expenses and liabilities incurred by the Council in carrying out its functions under this Act.

      (2) The Council may invest moneys in the fund in any securities of the Government or in any other securities approved by the Council.

      (3) The Council may from time to time borrow money for the purposes of the Institute and may pay interest thereon out of the funds of the Institute.

      (4) The annual accounts of the Council shall be subject to audit by a member of the Institute, not being a member of the Council, in practice as a chartered accountant who shall be appointed for the purpose each year by the members at the annual general meeting.

      (5) The accounts for the preceding year as audited shall be approved by the members at the annual general meeting.

    • (1) The Council shall meet at least once in each month, at such time and place as it may determine.

      (2) A meeting of the Council may at any time be called by the President or Vice-President, or at the request in writing, addressed to the secretary, of five members of the Council.

      (3) Notice in writing of a meeting of the Council shall be delivered or sent to each member of the Council at least seven clear days before such meeting, excluding the day on which the notice is delivered or sent and the day on which the meeting is to be held.

      (4) The notice shall contain, as far as is practicable, a statement of the business to be transacted at the meeting and the same shall be deemed to have been duly delivered or sent unless the contrary is shown; and accordingly, subject to the provisions of this section the non-receipt of any notice by any member shall not affect the validity of the proceedings of any such meeting:

      Provided that whenever the President or Vice-President certifies in writing that an emergency exists, the notice calling for the emergency meeting may be delivered or sent only one clear day before such meeting, excluding the day on which the notice is delivered or sent and the day on which the meeting is to be held; and in any such case the non-existence in fact of the supposed emergency shall not affect the validity of the proceedings of the meeting.

      (5) The President, or in his absence the Vice-President, shall preside at all meetings of the Council and in the absence of both the President and the Vice-President the members present at the meeting shall elect one of their number to preside.

      (6) Subject to the provisions of this Act, the person presiding at any meeting of the Council may, with the consent of the meeting, adjourn the meeting from time to time and from place to place; but no business shall be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place.

      (7) No notice need be given of any adjourned meeting unless it be so directed in the resolution for the adjournment.

      (8) Five members of the Council shall form a quorum at any meeting of the Council.

      (9) Proper minutes shall be recorded of all resolutions and proceedings of meetings of the Council and of any committees thereof; and every minute signed by the person presiding at the meeting to which it relates, or at a subsequent meeting, shall be sufficient evidence of the facts therein stated.

    • (1) Subject to the provisions of section 16 of this Act, any person, not being a chartered accountant, who holds any of the qualifications prescribed by the Council for the purposes of this section shall be eligible to be registered as an accountant.

      (2) A person who is eligible to be registered as an accountant under this section shall be so registered upon payment of the prescribed fees.

      (3) Every person who is registered under this section as an accountant shall be known as a practising accountant and shall be entitled to use the expression "P.A." after his name to indicate that he is registered as such.

    • No person shall be enrolled as a member of the Institute as a chartered accountant or be registered under section 13 of this Act as a practising accountant,

      (a) unless he has,

      (i) attained the age of twenty-one years,

      (ii) paid the prescribed fees;

      (b) if he has been,

      (i) adjudged by a court of competent jurisdiction to be of unsound mind;

      (ii) convicted by a court of competent jurisdiction whether in Ghana or elsewhere of any offence involving fraud or dishonesty;

      (c) if, having been adjudged an insolvent or bankrupt, he has not been granted by a court of competent jurisdiction a certificate to the effect that his insolvency or bankruptcy has arisen wholly or partly from unavoidable losses or misfortunes;

    • (1) Subject to the provisions of the next succeeding section, the Council may strike off the register of the Institute the name of a chartered accountant, or cancel the registration of a practising accountant, if satisfied that he is unfit to practise the profession of an accountant by reason that he has been guilty of professional misconduct or has become subject to any disqualification mentioned in paragraphs (b) and (c) of section 14 of this Act.

      (2) The Council may strike off the register of the Institute the name of a chartered accountant or cancel the registration of a practising accountant, if the prescribed fees remain unpaid for a period exceeding four months.

      (3) A person whose name has been struck off the register of the Institute or whose registration has been cancelled under subsection (1) of this section may have his name or registration restored if the Council is satisfied that he has become subsequently a fit and proper person to practise the profession of an accountant.

    • (1) The name of any person shall not be struck off the register of the Institute nor shall a registration be cancelled unless a disciplinary committee has, after due inquiry, made a report to the Council that the person concerned has been guilty of professional misconduct.

      (2) Where the Council has reasonable cause to believe, whether upon complaint made to it or otherwise, that any person who is a chartered accountant or a practising accountant has been guilty of professional misconduct, the Council may appoint a disciplinary committee for the purpose of holding an inquiry into the conduct of that person.

      Third Sch.

      (3) The provisions of the Third Schedule to this Act shall apply in relation to the constitution of, and the procedure to be followed by, disciplinary committees appointed under this section, the proceedings at inquiries held by such committees and the powers exercisable by such committees.

    • The Council may, in lieu of exercising its powers under section 15 of this Act, suspend the person concerned from membership of the Institute or withhold his registration under section 13 of this Act, for such period as the Council may deem fit.

    • (1) Any person aggrieved by a decision of the Council under section 15 or section 17 of this Act, may appeal against that decision to the High Court.

      (2) Every appeal under subsection (1) of this section against a decision shall be,

      (a) made by petition in writing bearing a stamp of one guinea;

      (b) lodged within three months after the date of that decision; and

      (c) heard and decided by a Judge of the High Court after such summary inquiry as that Judge may deem requisite.

    • Fourth Sch.

      For the purposes of this Act, "professional misconduct" means any act or omission which is for the time being specified in the Fourth Schedule to this Act.

    • (1) No person who is not a chartered accountant or is not a practising accountant shall carry on practice as defined in section 23 of this Act.

      (2) No person who is a chartered accountant or is a practising accountant shall practise as an accountant unless he is the holder of a certificate to practise which is for the time being in force.

      (3) Every certificate to practise shall be issued by the Council upon payment of the prescribed annual subscription.

      (4) Every certificate to practise shall be in force until the thirty-first day of December of the year of issue of that certificate, and may from time to time be renewed upon payment of the prescribed annual subscription.

      (5) The preceding provisions of this section shall come into operation six months after the coming into force of this Act.

    • 1) No person, not being a chartered accountant, shall take or use the title "Chartered Accountant".

      (2) Notwithstanding anything contained in the preceding subsection, any firm of accountants, each of the partners of which is a member of the Institute not being a practising accountant, may take and use the title "Chartered Accountants".

      (3) No person, not being a person for the time being registered under section 13 of this Act shall take or use the title "Practising Accountant".

      (4) Notwithstanding anything contained in the immediately preceding subsection, any firm of accountants, each of the partners of which is a practising accountant may take and use the title "Practising Accountants".

    • Any person who contravenes any provision of this Act commits an offence and shall be liable to imprisonment for a term not exceeding one year or to a fine not exceeding one hundred pounds or to both such imprisonment and fine.

    • (1) For the purposes of this Act, a person shall be deemed to practise as an accountant if, in consideration of remuneration received or to be received, and whether by himself or in partnership with any other person, he,

      (a) engages himself in the practice of accountancy or holds himself out to the public as an accountant;

      (b) offers to perform or performs service involving the auditing or verification of financial transactions, books, accounts or records or the preparation, verification, or certification of financial accounting and related statements;

      (c) renders professional service or assistance in or about matters of principle or detail relating to accounting procedure or certification of financial facts or data; or

      (d) renders any other service which may be prescribed by the Institute by Regulations to be service constituting practice as an accountant.

      (2) A person who is a salaried employee of the Government or of any other employer shall not, by reason only that he does any act referred to in the preceding subsection in his capacity as such employee, be deemed to practise as an accountant.

    • The Council may, by legislative instrument and with the prior approval of the Minister, make Regulations for or in respect of any matter required or authorised by this Act to be prescribed or of any matter relating to, or connected with, its functions under this Act or the proper exercise, discharge or performance thereof.

    • The Minister may, upon the recommendation of the Council, by legislative instrument, amend, alter or add to or revoke any or all of the provisions of the Schedules to this Act.

    • (1) Notwithstanding anything contained in the preceding sections of this Act, the following provisions shall apply in relation to the first enrolment of members of the Institute and the constitution of the first Council to hold office under this Act, that is to say,

      (a) all persons who are members of the Association of Accountants in Ghana on the date of the coming into operation of this Act shall be members of the institute as chartered accountants;

      (b) the members of the Society of Ghanaian Practising Accountants shall, on the coming into operation of this Act, become members of the Institute as practising accountants;

      (c) any other person practising as an accountant may, within three months of the coming into operation of this Act, submit an application for membership of the Institute to a committee of the first Council of the Institute and on approval for membership shall be registered as a practising accountant;

      (d) the Council of the Association of Accountants in Ghana on the date of the coming into operation of this Act, enlarged by the addition of three members of the Council of the Society of Ghanaian Practising Accountants, shall be the first Council of the Institute and shall within three months of the coming into operation of this ACT convene a general meeting of members of the Institute for the purpose of electing a new Council.

      (2) On the coming into operation of this Act the Association of Accountants in Ghana and the Society of Ghanaian Practising Accountants, being companies registered under the Companies Ordinance (Cap. 193), shall be deemed to have ceased to operate under that Ordinance and accordingly their names shall be struck off the register of companies in accordance with the provisions of the Companies Ordinance (Cap. 193).

      (3) All the assets and liabilities of, and any property vested in, the Association of Accountants in Ghana and the Society of Ghanaian Practising Accountants immediately before the coming into operation of this Act shall, without further authority than this subsection, vest in the Council established under section 7 of this Act.

      (4) All employees of the Association of Accountants in Ghana and of the Society of Ghanaian Practising Accountants on the coming into operation of this Act shall, so far as may be practicable and subject to any direction by the Council, continue as employees of the Council in posts comparable to those which they held with the Association or the Society.

      (5) Every contract in respect of any matter subsisting between the Association of Accountants in Ghana or the Society of Practising Accountants and any other person and in force immediately before the coming into operation of this Act shall, subject to any directions by the Council, be deemed to subsist between the Council and such other person.

    • In this Act unless the context otherwise requires,-

      "Council" means the Council established under section 7 of this Act;

      "Institute" means the Institute established under section 1 of this Act;

      "Minister" means the Minister responsible for higher education;

      "President" means the President of the Institute, and

      "Vice-President" shall be construed accordingly.