Our attention has been drawn to Circular Number SEC/CIR/002/2015 issued by the Securities and Exchange Commission (SEC) and published in the Monday, February 8th edition of the Daily Graphic and wish to state the following facts:
- The Institute of Chartered Accountants (Ghana) filed a judicial review application against SEC challenging its authority to issue directives to auditors as to the manner of signing audit reports contained in the annual financial statements of listed companies.
- SEC filed an application to dismiss the judicial review application on several grounds including the ground that SEC as a body or its employees are immune from any legal action taken against them for any act that they commit in the course of their work. Also that ICAG has no capacity to institute an action on behalf of companies whose audit reports the SEC rejected. These preliminary contentions of SEC were dismissed by the court as untenable before the court proceeded to determine our application for judicial review application.