The Liberian Institute of Certified Public Accountants (LICPA) is this week administering its fifth Professional Accounting Qualification Examinations.
The exams, which began on Tuesday, May 7, 2013, are underway at the Cuttington University in Congo Town.
According to a release from LICPA, successful candidates will be qualified to become professional members of the Institute of Chartered Accountants Ghana and also professional members of the Liberian Institute of Certified Public Accountants (LICPA).
Mr. Nim’ne E. Mombo, Sr., President of the LICPA explained that currently the LICPA uses the professional qualification exams of the Institute of Chartered Accountants, Ghana as its qualifying exam for direct admission of new candidates. He said this is done under a bilateral Memorandum of Understanding (MOU) signed between the two sisterly institutes in 2010.
Mr. James Dorbor Jallah, Executive Director of the LICPA, further explained that the LICPA also administers a Foundation exam program called the Accounting Technician Scheme, West Africa (ATSWA).
He said candidates who successfully complete ATSWA are entitled to exemptions from Parts one and two of the Professional Qualification Program.
On that basis, ATSWA graduates proceed to Part three of the Institute’s four part Professional Program. Candidates with a Bachelor’s degree or higher in accounting are also entitled to exemptions from all Parts one and two subjects at the Professional Level.
Mr. Jallah further explained that experience in Ghana, Nigeria and the UK has shown over the years that candidates who complete the ATSWA program generally do better in the Professional Exams and tend to complete that Program faster than those who skip the Foundation and proceed directly to the Advanced Professional Program on the basis of academic credentials held.
For this reason he is advising all candidates aiming for the LICPA’s professional certification exams to either take some ATSWA subjects in preparation for the Professional or alternatively to clear part two of the Professional before proceeding to Part three of the Professional Exams.
He noted that Parts one and two of the Professional Program are substantially the same in content as the ATSWA Program.
He said a candidate who goes either way (ATSWA or via the lower Professional Programs) is likely to be better prepared for the Parts three and four of the advanced topics dealt with in Parts three and four of the Professional Exams.
Ms. Ade Wede Kekueh, Finance Officer of the LICPA, explained that the Institute administers each of its exams twice a year; March and September for ATSWA; and May and November for Professional exams.
Thirty five (35) candidates registered for the current exams, 31 for Part three, two for Part four and one candidate each for Parts one and two.
Mr. Francis B. S. Johnson, Immediate Past President of the LICPA, commented that he is pleased that Liberian candidates continue to show interest in the exams that started during his administration as President of the LICPA.
Meanwhile, the LICPA has announced that Ambassador Joseph Nyumah Boakai, Vice President of the Republic of Liberia will this Friday officially launch the Twinning Program between the Liberian Institute of Certified Public Accountants (LICPA) and the Institute of Chartered Accountants, Ghana (ICAG).
Under the Twinning Partnership, which is supported by the World Bank, the Ghanaian institute will mentor the LICPA and help the Liberian Institute upgrade its service to its members and the Liberian public to global standards.
He said that Mr. Renaud Seligmann, Sector Manager, Financial Management Unit, Central and West Africa, of the World Bank, who is visiting Liberia, will also be an honored guest at the Program marking the formal launching of the two programs — the Twinning Partnership between the LICPA and ICAG as well as the LICPA’s Syllabi Integration Program, the latter being a new initiative under which the LICPA seeks to integrate the syllabi of its accounting credentialing programs, ATSWA and Professional, as earlier outlined above, into the curriculum of Liberian Universities.
The formal launching program takes place at the Cape Hotel at 11 a.m. on Friday, May 10, 2013, at Mamba Point.