07/08/2026
ICAG Unveils New Audit Committee Placement Framework as CEO Calls for Stronger Professional Oversight
Institute of Chartered Accountants, Ghana (ICAG) has introduced a new Audit Committee and Board Placement Policy to promote merit, competence, independence, and professional integrity in the placement of Chartered Accountants on statutory oversight bodies.
The Policy was a key focus of the Audit & Assurance Faculty Lecture held on Thursday, 6th August 2026, facilitated by the Chief Executive Officer (CEO) of ICAG, E.O. Osae, FCA, and chaired by the Vice President, Rev. Dr. Cynthia Sallah.
The lecture attracted over 950 participants, including current and newly elected Council members and members across the globe.
The CEO stressed that Audit Committee appointments come with performance expectations and accountability.
He cautioned that Chartered Accountants who fail to perform their representational responsibilities will be replaced, while nominees will be required to submit representational reports to ICAG to enable the Institute to monitor and evaluate their performance.
E. O. Osae, FCA also emphasised that nominees who breach professional ethics and standards in the discharge of their duties will face disciplinary action by ICAG.
Key Placement Policy Highlights
🔵 Who Can Be Nominated?
District Societies, qualified Secretariat staff, and eligible Council members.
🔵 Eligibility
ICAG membership in good standing, at least five years’ relevant post-qualification experience, CPD compliance, and demonstrated independence.
🔵 Selection
Merit, competence, experience, integrity, and independence will guide nominations, with gender and regional balance encouraged.
🔵 Placement Process
Nominations are received and screened by ICAG. Where competing nominations arise, they are reconciled based on merit and rotation.
🔵 Tenure
An initial two-year term, renewable once, with a maximum of four years and a two-year cooling-off period before re-nomination to another Audit Committee in the same sector.
🔵 Performance & Reporting
Nominees are expected to actively perform their roles and submit representational reports to ICAG for monitoring and evaluation. Non-performing representatives shall be replaced.
🔵 Professional Accountability
Nominees must uphold the ICAG Code of Ethics, disclose conflicts of interest, maintain CPD, and discharge their oversight responsibilities effectively.
The new framework seeks to ensure that ICAG representation is driven by competence, performance, integrity and public interest rather than connections or seniority.
