*4 Auditors Sanctioned 👉Over Bank Closures*

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Four auditing firms of the seven banks that collapsed in 2017 and 2018, have been sanctioned by the Institute of Chartered Accountants, Ghana (ICAG).

The four have been sanctioned for non-compliance with auditing standards.

The sanctions followed the completion of an enquiry into the role of the auditors in the collapse of the seven banks in 2017 and 2018, Graphic Online has confirmed.

Whilst the Bank of Ghana (BoG) in 2017 approved the GCB Bank Limited's acquisition of the good assets of UT Bank and Capital Bank, through a Purchase and Assumption Agreement, the remaining five banks were placed under receivership by the BoG in 2018.

The five collapsed banks, uniBank, Sovereign, Construction, Beige and Royal were put together to form the Consolidated Bank of Ghana (CBG) in 2018.


The investigation by ICAG was handled by the Professional Standards and Ethics Committee of the Institute, which is a body of professional accountants and auditors in Ghana.

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