J U D G E M E N T
The Applicant is inviting this Court to issue its Supervisory Powers over the Respondent by compelling it to accept all audited annual financial statements signed in the name of firms appointed as auditors in accordance with regulations 33 and 54 of LI 1728. The Court is further invited to quash the directive of the respondent as published in the Peoples Daily Graphic edition of Tuesday 10th March 2015 as well as the circular issued by the Respondent on 19th February, 2015 for lacking authority to issue same.
The facts of case that have culminated in this application, are that the applicant herein in its efforts to promote International Accounting and Auditing Standards in Ghana issued a notice to all Professional Accountants to comply with it. The applicants officially announced the International Standards on Auditing in January, 2012. The two methods that were introduced were that all Auditors were to apply the International Standards of Auditing in Financial S…