SEC awaits passage of new securities law for a possible change of external auditors of listed companies

The Securities and Exchange Commission, SEC is awaiting the passage of the revised Securities Industries Law before it can direct listed companies to change their external auditors.

This comes after the Bank of Ghana and the National Insurance Commission directed their respective players to change the external auditors they have been working with for more than five years.

Following that were calls for the SEC to also follow-suit and the Director General, Adu Anane Antwi has welcomed the proposal. He however explains to JOY-BUSINESS it can be implemented only after the revised Securities law comes into force.

“Auditors role has come to the fore these days against the fall of Enron and others. So to ensure that people have confidence in the audit reports that are issued out, it is key the independence of the audit firms is also safeguarded. This is especially because the idea is if one auditing firm audits a firm for far too long they become so close to the company which affects their independence” he said. Joy Business

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Vodafone sells 45% shares in Verizon for US$130 billion

Vodafone has sold its 45% stake in Verizon Wireless to US telecoms group Verizon Communications in one of the biggest deals in corporate history. The US$130 billion (£84bn) deal was announced by Vodafone after the close of trading on the London Stock Exchange. The company will return £54 billion to its shareholders, of which £22 billionn will go to shareholders in the UK. Vodafone will also invest money in its business, with funds earmarked for high speed mobile phone networks. It said that by 2017 its main five European markets would have almost complete 4G coverage. Possibly it would be wrong to carp and wring hands that Vodafone won't be paying a penny of tax to the British taxman” Vodafone group chairman Gerard Kleisterlee said: "The transaction will position Vodafone strongly to pursue our leadership strategy in mobile and unified communication services for consumers and enterprises, both in our developed markets and across our emerging markets businesses." The...

Shortage of weighing cards hit major hospitals in Accra

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ABL launches chibuku super in Bolgatanga

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