Minimising Public Accountants Legal Liabilities in Ghana: Case Studies of Kuffuor & Associates and K.D.A. Chartered Accountants
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Date
2009-08-16
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Abstract
The study investigated into the legal liabilities of public accountants in Ghana and their strategies of minimisation with much emphasis on accessing the strategies as to which is best. The researcher has presented several findings when a survey questionnaire^vas administered on Accountants numbering thirty-five (35) to Kuffuor & Associates and K.D.A. Chartered Accountants out of which 30 (86%) was properly answered and used in the analysis. It was realised that, the rate of legal liabilities is at its barest minimum in Ghana as compared to what is being portrayed by existing literature about the western world. Tort of negligence was identified as the major source of the public accountants' legal liabilities in Ghana even though the problem is not much prevalent as established by the study. Also, the study concludes that educating users of financial information and public accountants on the profession's code of ethics is paramount to all the strategies that can be used in minimising legal liabilities of the profession. A major limitation of this research was getting the public accountants in their offices since most of the time they were in client's offices. Therefore the researcher administered the questionnaire at staff meetings days of respondents. As such it is likely to affect the independence and objectivity in responding to the questionnaire. Finally, the study also provided recommendations including that of a further study as to why legal liabilities of the public accounting profession is minimal in Ghana as compared to that of the western world.
Description
A Thesis submitted to the Department of Accounting And Finance,
Kwame Nkrumah University of Science and
Technology in partial fulfilment of the requirements for the degree of Master of Business Administration, 2009