By Alfred Kollie, alfredkolliejr92@gmail.com
The Liberia Institute of Certified Public Accountants (LICPA) in collaboration with the Institute of Chartered Accountants of Nigeria has completed a week-long quality assurance review of accounting firms in Liberia, especially member of LICPA.
The quality assurance review is done occasionally by International Accounting Institution intended to review accounting firms in a country to accreting whether the firms are practicing international standard in its service delivery which is a key requirement by the International Federation of Accountants.
The two officials from the Institute of Chartered Accountants of Nigeria came as a result of invitation received from LICPA through its President Victor Tanwone to assist the institution conduct a quality assurance review.
The Liberian Institute of Certified Public Accountants is a professional association of accountants in Liberia.
LICPA is a member body of the International Federation of Accountants the IFAC.
The Liberian Institute of Certified Public Accountants was established in June 2011 as a successor of the Institute of Certified Public Accountants, Liberia to represent, promote, and regulate the accountancy profession in Liberia in the public interest.
LICPA is responsible for setting professional standards, licensing all practitioners, and supervising the conduct of all accountancy professionals.
The institute is committed to building the capacity of its members in order to build a strong and vibrant accounting profession and contribute to the reconstruction efforts in the country.
Liberians with bachelor’s degrees in Accounting are allowed to sit for examinations to become Certified Accountants.
Speaking with journalists Tuesday in Monrovia, a Council Member of the Institute of Chartered Accountants of Nigeria Mall Haruna Yahaya said the delegations in line with LICPA review thirteen accounting firms in Liberia and that 80% have met international standard in its quality and service delivery in the country.
According to Yahaya, the review shows that there are generational gap in the country particularly with young people in the area of accounting profession.
‘’generational gap especially for youth that will become chartered accountants and certified CPA that will take over the minto of leadership in the firms across Liberia’’ he observed.
‘’We are appealing to the Liberian public to take interest in the profession and enroll their children to study accounting and become professional accountants’’ Yahaya called.
Yahaya observed that lack of passion for the profession is another factor responsible for the gap in the country but urged government to make an effort in making sure that education of youth are taken seriously in society.
He said the thirteen firms will be recommended to government and other investors to do business with them noting that they are practicing International standard in its service delivery.
In remarks, the President of the Liberia Institute of Certified Public Accountants Victor Tanwone thanked the Nigeria delegation for honoring their invitation to conduct such a great work in Liberia.
According to Tanwone the entire process and the cost was underwritten by the Institute of Chartered Accountants of Nigeria and that official communication will be send to congratulate them for their support.
Tanwone noted that the LICPA will publish the list of members firms that went through the review process and members who are license to practice in the Country.
‘’We will be publishing the list of member firms, Individuals that are in good standing for the period 2020 and the list of members and firms who are license to practice for 2020 respectively intended to provide assurance to the public,’’ Tanwone concluded.