Deloitte, Others Fined by Ghana Watchdog for Bank Audit Failures

Ghana’s accounting watchdog fined Deloitte & Touche and three other companies over auditing failures at seven insolvent banks.

The penalties were imposed after the Institute of Chartered Accountants reviewed the audit files of lenders that were placed under receivership to determine whether the documents supported the opinions that were issued in the banks’ financial statements. The central bank withdrew the lenders’ licenses during the past two years because of governance breaches, low capital and mounting debts.

The ICAG issued Deloitte, the local units of PKF International Ltd. and Morrison & Associates, and J. Mills Lamptey & Co. combined fines of ...