Challenging The LICPA

ON TUESDAY AT an elaborate program which brought together experts in Liberia, the Liberia Institute of Certified Public Accountants (LICPA) unveiled and presented its strategic plan for 2014-2016 to its respective stakeholders. LICPA’s President Nim’ene Mombo speaking at the ceremony said the presentation and unveiling of the LICPA Strategic Plan is intended to acquaint stakeholders, the Government of Liberia (GOL) and consumers of work done by accountants with the LICPA’s roadmap for the next two years.

ALTHOUGH THE STRATEGIC plan is a draft one that will need the approval of LICPA Members and stakeholders with the guidance of some international experts from the Institute of Character Accountant of Ghana, Mr. Mombo said the draft strategic plan will be turned into an action plan to guide accounting principles in the country. To make the profession more robust and up to standard, the LICPA President said the institute is currently collaborating with various universities to ensure upgrading standards.

ACCORDING TO THE LICPA draft Strategic Plan, the institute intends to develop and enhance internal capacity so that the institute becomes robust, effective and relevant to the socio economic development of Liberia. The plan also intends to develop functional departments and structures.

THE STRATEGIC PLAN of the LICPA is seriously a welcome one especially at a time when the new leadership of the institute headed by Professor Nim’ene Mombo is doing all within its reach to bring the profession up to international standard in Liberia. Having being affected like all other institutions during the civil upheaval in the country, this new direction by the LICPA is welcomed and should not be taken lightly. The LICPA indeed needs reform like all fabric of our society do today.

HOWEVER, AMIDST CONTROVERSIES that follow a number of audit reports especially that which is done by the General Auditing Commission (GAC) and other related agencies, we think that with this strategic plan the LICPA should extend its professional know-how to the GAC and other related institutions so as to lay to rest most of the controversies that surface after an audit report is release. By this we are not trying to discredit the good work of the GAC but to only ensure that those tenets of conducting a strong comprehensive and professional audits be adhered to.

THE CHALLENGE IS now in the court of LICPA to ensure that professional audits conducted by Liberian accountants or auditors are not an issue of debate or argument in the public. The tutorship of experts brought in coupled with the education acquired by experts at the Institute; the standard in Liberia must be internationally conducted and accepted, free of debates and argument. This is why we are challenging the LICPA to work by adopting this strategic plan into an action plan that will set Liberia high in this profession that stresses accountability, objectivity and integrity.