CHAPTER 4 has also published a Code of Best Practice on Corporate Governance for the Stock Exchange, licensed securities market operators and issuers of publicly traded securities. Other institutions in Ghana, such as the Institute of Directors and the State Enterprises Commission, are also active in promoting principles of good corporate governance. For instance, the State Enterprises Commission has developed a code of corporate governance for state-owned enterprises (SOEs). 9. Despite the foregoing, business practices still fall short of promoting transparent and ethical corporate practices. The level of awareness on matters of corporate governance is generally low, even among those who are supposed to apply it or encourage others to do so, for example directors. In addition, most entities still operate solely under the Companies Code. The Code needs to be amended to reflect internationally upheld corporate governance practices, for example the formation of audit committees and the requirements for internal audits. International accounting standards 10. In 1996, Ghana developed National Accounting Standards that reflect international accounting standards. However, owing to the changes in the global landscape, these need to be reviewed to comply with the latest current international accounting standards. The monitoring and enforcement capacity for their implementation is also weak. International standards on auditing 11. External auditing in Ghana is largely provided by international accounting firms, such as KPMG, Price-Waterhouse Coopers, Ernst & Young, Deloitte & Touche, and Pannell Kerr Forster. These firms subscribe to international auditing standards. As pointed out above, however, the Companies Code is in need of amendment to elaborate on auditor's duties, remuneration, and the monitoring of conflict of interest. Basel core principles for effective banking supervision 12. Ghana is a signatory of, and participant in the Basel I principles (the 1988 Capital Accord). The Central Bank conducts banking supervision under the provisions of the Basel I principles of effective banking supervision. In 2000-2001, the IMF conducted a Financial Sector Assessment Programme assessment of Ghana's compliance with these 86