Business

Listed banks given up to April 30th to file audited financial statements

Listed banks on the Ghana Stock Exchange have been granted one month extension to file their 2020 audited financial statements.

They therefore have up till 30th April 2021 to do so.

In a statement by the GSE, it however said “the banks that are able to conclude their audit in time, in spite of the negative impact of the COVID-19 pandemic, are encouraged to publish within the existing statutory timeline.”

The Banks listed on the GSE through the Ghana Association of Bankers requested that the date for filing of 2020 audited financial statements be extended by one month to April 30, 2021 to enable them work effectively with their external auditors to achieve the audit objectives.

The association indicated that the advent of COVID-19 has resulted in significant impact on human resource allocation in most banks. This was exacerbated by the recent spike in infection rate in the country.

The GSE statement said “results from initial assessment in the banking industry pointed to signals that some banks are unable to keep sufficient staff members at post to assist with the audit of the 2020 financial statements resulting in significant delays in some instances”.

It further said “while the banking industry has resolved to ensure that stricter safety protocols are implemented across all channels of service delivery, the conduct of banking requires that, in isolated circumstances, contact with customers, service providers and other stakeholders is inevitable with its attendant potential high risk of getting infected with the virus.”

The Association thus reiterated that discussions with some key external auditors who have expressed similar sentiments in the impact COVID-19 is having on human resource allocation to audit assignments in spite of all the digital interventions that have been introduced to ameliorate its negative effect.

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