Here are the auditing firms for the 7 collapsed banks

In August 2017, the Bank of Ghana gave GCB Bank the green light to acquire 2 local banks, UT Bank and Capital Bank.

In August 2018, the Bank of Ghana announced the creation of Consolidated Bank to take over 5 struggling local banks.

The 5 five banks are Beige Bank, Sovereign Bank, Construction Bank, The Royal Bank and Unibank.

The Governor of the Bank of Ghana, Dr. Ernest Addison, said that some banks presented fake documents that made it seem they could meet the new capital requirement.

Meanwhile, it has also emerged that the defunct Capital Bank squandered GHC610 million given to them as liquidity support by the Central Bank.

The same investigative report also indicated that the former Chief Executive Officer (CEO) and Director of defunct UT Bank Mr P.K Amoabeng received payments from a loan defaulting entity, Kofi Jobs Limited.

The loans which amounted to GHC 5m were never disclosed to the Board of the UT Bank.

Members of the general public have asked what the authorities including the auditors of the various defunct banks did before they collapsed.

They argue that auditors, are to give economy confidence in the operations of firms. Third parties relied on the work of those auditors to make decisions and the compromised nature of such accounts left much to be desired.

Here are the auditing firms that were acting as auditors of the collapsed banks

• Beige Bank – Morrison and Associates

• UT and Sovereign Banks – Ernst & Young

• Capital Bank – PKF

• Construction Bank – J. Mills Lamptey and co

• UniBank and Royal Bank – Deloitte and Touche

Here are the auditing firms for the 7 collapsed banks

In August 2017, the Bank of Ghana gave GCB Bank the green light to acquire 2 local banks, UT Bank and Capital Bank.

JOIN OUR PULSE COMMUNITY!

Recommended articles

Parents will soon beg for their children to enrol in public basic schools -Dr Osei- Adutwum

Government rebrands public basic schools, set to change brown and yellow uniforms

I won’t apologize for ECG Manager's arrest – Ashanti Regional Minister

Trailblazing Prof. Jane Agyemang: The political powerhouse shaking up the NDC!

John Mahama can’t succeed me as President because I defeated him twice – Akufo-Addo

President Biden signs law to potentially ban TikTok if not sold

I won’t be a driver’s mate to John Mahama – Prof. Naana Opoku-Agyeman

‘Dumsor’ challenges will end in a few days – ECG Board Chairman assures Ghanaians

We’ll prosecute corrupt appointees under Akufo-Addo’s govt – Prof. Opoku-Agyeman