LICPA to Incorporate Liberians

Liberia Institute of Certified Public Accountants (LICPA) has conducted and made provisions for the conduct of its first worldwide recognized professional accounting examinations for aspiring accountants or those wishing to practice in Liberia.

If candidates are successful in the examination, they will stand a chance to gain admission at the Institute of Chartered Accountants Ghana (ICAG) as well as Nigeria and Liberia.

The LICPA, a member body of the International Federation of Accountants (IFAC), was established by an Act of the Liberian Legislature. A revised version of that Act, which seeks to provide a more empowering legal framework for the Institute, is currently being reviewed by the Liberian Senate, following a passage  the  lower House .

The draft Act is expected to become law by the time the twinning engagement comes into effect. If the act is signed into law, Liberia will adopt the ‘International Financial Reporting Standard’.

The twinning partner shall be a developed professional accountancy body that is a strong member of IFAC; has a solid track record of having successfully completed one or more similar cooperative programs that have verifiably resulted in appropriate transfer of knowledge and skills; technical capacity building and empowerment, of one or more national accountancy bodies in a developing economy.

The LICPA now invites eligible accountancy bodies that are member bodies of IFAC to indicate their interest in providing the services. It said interested parties are urged to provide appropriate promotional literature (brochures, etc.) that highlight experience and achievements in similar assignments.

The Director of training at the LICPA Mr. Nimi’ne’ Mombo said under the programme the Institute would monitor the practice standards of all firms and recommend corrective action where necessary.

Speaking to Journalists at the examination Hall, he said LICPA is in partnership with the Auditing Commission and the Ministry of Finance on the way forward toward the adoption of the International Public Sector Accounting Standards in West Africa.

Moreover, Gambia, Sierra Leone and Benin joined Ghana, Nigeria and Liberia to write the common examination in September 2010.

In pursuit of a growth agenda, he said there were fourteen students who took the first test, adding that  the Institute has put in place interventions to improve the turnout of accountants whilst ensuring that the quality is retained.