What Ghana needs from chartered accountants
The Chartered Accountancy profession has been under the spotlight for some time now. Public expectation, trust and confidence have waned in recent times. The profession is caught in a cycle driven by excessive dormancy and lack of visibility in the public discourse space. Part of the reasons for the diminished trust and confidence is the perception that Chartered Accountants (CAs) in Ghana have been astonishingly quiescent in the public discourse space.
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It is also perceived that the rigour of CAs in public policy debate in Ghana’s economic, financial and political space is lacking. Admittedly, it is a reality that policy work enjoys a lower status in our circles, and this has led to sweeping conclusions that the professional rigour of CAs is generally absent from policy debate. But the CA profession can, and should have, a meaningful role in shaping the economic development of Ghana and the business community in which it operates.
The profession has a critical role
Competencies
By the combined efficacy of training and education, CAs are uniquely clothed with analytical capabilities to dissect financial data and advise policy makers. Notwithstanding this unique knowledge and skill, rarely do CAs in Ghana step out to be the public voice, to seize the mantle of ultimate decision - making responsibility, all of which perpetuates the common perception that accountants merely balance the books and recoil to the back seat in the boardroom. Perceptions of navel-gazing, figure fixation, and reporter of past historical data persist, when the reality is of an innovative resource advisor and strategic thinker.
Content to operate within the complex financial reporting structures built up over decades, we have been reactive, not proactive – we have been followers, not leaders. It is strongly perceived that the Chartered Accountancy profession in Ghana has failed to evolve with the nation’s needs and expectations. This is why we increasingly find ourselves pushed to the periphery of important public discourse that confronts our country.
In conversations, some have repeatedly asked why the profession does not occupy centre stage in the nation’s fiscal policy framework and its discourse. They queried why we seem not to matter in public policy and policy debate. Others have also questioned the rigour and quality of participation in the country’s annual budget, the IMF bailout, and other financial frameworks by the profession. With our privileged positions and knowledge , CAs are expected to advise governments on public finance and other frameworks, lead major organisations, shape government economic policy and deliver effective management and financial reporting for both government and business.
It is very tempting for us to dismiss such criticisms as the expression of ignorant populism. After all, we are the priests of an esoteric religion, only we can appreciate the academic scriptures and appreciate the truths therein revealed.
However, as CAs we should care deeply about the way the profession is perceived by society and the sentiments they express. Not so much because this affects our own reputation, but because there must be some truth in all the criticisms, truth we cannot see because we are too embedded in our own world. We should also care because the positive role that accountancy plays in society depends on the public’s perception of our profession. The poor perception and criticisms by society towards the CA places the profession’s future relevance and leadership role in a somewhat precarious position.
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Focus on policy not politics
Our policy involvement is not a discretionary option but part of the profession’s commitment to meet our public interest duty. Our public interest tradition requires us to speak out on public issues where our valuable and unique insight can guide the debate with unbiased facts and objective analysis. Accounting and reporting are not our only possible contributions. We need to strike strong advocacy positions that help the cause of Ghana and the profession.
Our role as CAs in business and the public discourse space is not complete without discussing the duty that the profession owes to the general public. As a profession that has been bestowed a privileged position in society, the profession deals with a wide range of issues that has a public interest angle. For our members in business, not only must they maintain high standards, but they also have a key role to play in helping organisations to act ethically. It is perceived that the profession is slowly depleting its long-standing goodwill, not by design but by not forcefully and publicly enough making the case that it is committed to acting in the public interest.
In the area of advisory tax services, Ghana needs its CAs to assist its legislature and regulators make its tax system better. CAs need to be at the frontline in tackling financial crimes and fighting forcefully against fraud and money laundering whether through audit, enforcing regulation, or at the individual level.
The institute, as the regulator of the CA profession, also has a role to play. It should go beyond signing MOUs on subject exemption policies with universities considered as slavishly generous to an active engagement in the area of empirical research on issues that plague the profession. Ghana requires the institute to have a robust collaborative engagement with academia to identify issues of emerging trends in the industry, public perceptions, and expectation gaps through research. Accounting academics at the universities are well placed for empirical research as they face professional and career incentives for research. The institute should also play a critical role in improving audit quality through rigorous annual assessment on the regulatory requirements and professional standards of audit firms.
If the profession does not introspect and intervene to find legitimate role in the process of economic development through rigorous engagement of policy, get sufficiently involved in the public discourse space, acting in the public interest, and be truly concerned with issues of accountability, it would be depriving itself of an opportunity to be the partner in national economic development that Ghana requires from its CAs.
The writer is a full-time PhD student (UK) and a member of ICA (Ghana)
Writer’s email: johndeegh@yahoo.com