RegAlert2021-08-21
Added · Updated
Public Notice on Audit of Annual Financial Statements of Issuers of Public Securities and SEC Licensed Firms
The Ghana Securities and Exchange Commission mandates that issuers of public securities and licensed firms must secure written regulatory approval prior to appointing auditors for their annual financial statements. Pursuant to Section 197(3) of the Securities Industry Act, 2016 (Act 929), all appointed auditors must be registered with the Commission, and the regulator will reject any 2021 audited reports that fail to meet these statutory requirements. Market participants are directed to immediately review the Act and the 2020 Auditors Guidelines to ensure full compliance and preserve the credibility of capital market disclosures.
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The Securities & Exchange Commission (SEC) is mandated by the Securities Industry Act, 2016 (Act 929) as amended to promote the orderly growth and development of Ghana’s capital market, and to ensure an efficient, fair and transparent securities market in which investors and the integrity of the market are protected.
The SEC wishes to inform issuers of public securities and SEC licensed firms on the regulatory obligation required under Section 197 (3) of Securities Industry Act, 2016 (Act 929) to obtain written approval of the SEC before the appointment of auditors to audit their financial statements.
The SEC hereby notifies issuers of public securities and SEC licensed firms that Auditors eligible for appointment as auditors of their companies must be registered by the Commission in accordance with Guidelines on Auditors of Public Companies and SEC Licencees (SEC/GUI/002/01/2020) issued in 2020. The SEC shall not accept any 2021 audited financial statements due to be published in 2022 that does not meet the requirements prescribed under Act 929 and this Public Notice.
Issuers of public securities and SEC licensed firms are encouraged to apprise themselves on the Securities Industry Act, 2016 (Act 929), especially Section 197 and the Guidelines on Auditors of Public Companies and SEC Licencees (SEC/GUI/002/01/2020) and fully comply with the provisions therein. Copies of Act 929 and the Guidelines are available on the SEC website:
www.sec.gov.gh
This Public Notice is part of the reforms the SEC is undertaking to strengthen the securities market generally and specifically to safeguard the credibility of annual financial reports published by issuers of public securities and SEC licensed firms as contents of such reports form the basis on which investment decisions are made.
This Public Notice is issued pursuant to section 3 and 208(c) of the Securities Industry Act, 2016 (Act 929) as amended
ISSUED BY THE ORDER OF
THE SECURITIES AND EXCHANGE COMMISSION
DATED 16
TH
AUGUST 2021
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Source: Securities and Exchange Commission Ghana — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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