The Institute of Certified Public Accountants Liberal (LICPA) is a professional associate of accountants in Liberia.
LICPA is a member of the International Federation of Accountants (IFAC). It was founded by the Liberian Legislation Act. In 2011, the revised version of the law is being passed through legislative review. Assuming the action is passed, Liberia will adopt the International Financial Reporting Standards.
Liberians with a bachelor's degree in Accounting are allowed to take the exam to become Certified Accountants. In May 2011, fourteen candidates from LICPA took the international accounting test at Cuttington University in Congo. Successful students will be eligible to be accepted as professional members of the Institute of Chartered Accountants of Ghana (ICAG). Later that month a workshop was organized by the World Bank, the Ministry of Finance of Liberia and LICPA to underline the increase in LICPA standards.
Video Liberian Institute of Certified Public Accountants
Histori
The Libyan Certified Public Accountant (LICPA) is a National Professional Accounting Organization (PAO) of Liberia. Originally founded in 1933, as the Institute of Certified Public Accountants of Liberia Limited, under the authority of the National Legislative Law of Liberia that year. However, for no apparent reason, the Institute became and remained inactive and inactive for many years until the early 1980s, when a group of Liberian accountants (mainly Sam D. Monbo Sr., Edwin Sambola, Emmanuel Shaw, Francis BS Johnson, John Bestman, and Wreh Dargbe) took steps to revive the less-active Institute. The institute was reactivated in 1984 and renamed the Institute of Certified Public Accountants Liberian (LICPA) and became a full member of the West African Accounting Agency. Sam D. Monbo Sr became President of the founders with Edwin Sambola as Vice President of the founders. However, efforts to modernize the actions of LICPA in such a way that becoming an effective PAO of its consequences were immediately canceled at the start of the 13-year-old Liberia war which began in 1989. In 1994, Mr. Francis BS Johnson became president of LICPA while Sam D. Monbo Sr became Executive Director/Vice President. Until 2011 the leadership of LICPA led efforts to establish the Institute as an effective and binding PAO supported by the government.
A New Beginning Effective June 3, 2011, the Liberian Government endorsed the Libyan Certified Public Accountants Act (LICPA), Section 8 of which empowers the Institute, among others:
(1) "to govern accounting and consulting practices related to the accounting and professional conduct of accountants and auditors in Liberia by establishing and enforcing accounting, auditing and other safeguard standards in Liberia;
(2) to determine, establish, adapt or adopt and disseminate standards and rules of general and specific application for accounting and auditing in Liberia appropriate to Liberia's private sector;
(3) determine, adopt and disseminate quality control standards and assist audit firms in their implementation;
(4) Implement Quality Assurance requirements to ensure the quality of work performed by the auditor; and make sure.. "
Additionally, per Section 25 of the Act, "the authority to approve or otherwise accredit any and all professional accountants in the Republic of Liberia is hereby exclusively reserved for the Libyan Certified Public Accountant (LICPA)."
Maps Liberian Institute of Certified Public Accountants
Professional Credential Exam
In 2010, in collaboration with the Central Bank of Liberia and the Association of Liberty Bankers, the Institute held a ten-day IFRS training workshop for accountants working in the Liberian banking sector. Until 2014, it is the only Sustainable Profession Development Course (CPD) ever offered by the Institute. Beginning in February 2014, the Institute has initiated a series of CPD courses that are partly targeted to LICPA members in practice while others are intended and designed for nonmembers as well.
In 2013, in collaboration with the Institute of Chartered Accountants, Ghana (ICAG), LICPA organizes seven (7) Professional Advanced Education (CPD) that attract many participants, totaling seventy five (75) or well above for all courses offered. The Institute plans to offer more along the same line in the future to come.
Program Quality Control
Section 17 of the LICPA Act requires the Governing Council of the Institute to consider and place a credible quality assurance program in which the Council can be assured that members of the Institute in public practice comply with applicable IFAC standards in their country. service to the public. Beginning in February 2014, the Institute has also started a professional quality work program of its members. However, in accordance with the requirements of Article 17 of the Act, the Council has also begun in February 2014, initiating an enrichment program designed to empower members "in the way of holding, training and mentoring" to meet the required quality standards. by law. It is intended that this initial phase will then be followed by a field inspection of the work of the practicing LICPA members.
Twin Partnerships
Twinning Partnership with Chartered Accountants Institute, Ghana (ICAG)
Under the World Bank's provision of funding to the Institute, LICPA, in June 2013, entered into the Twin Partnership (World Bank terminology), where the Ghana Institute guides the Liberian Institute to become a strong member of the International Federation of Accountants. (IFAC). This is to allow members of the Institute, especially those who are in public practice, improving their skills to acceptable international standards.
Membership in Professional Accounting Organization
LICPA is a member of the Association of Accounting Bodies in West Africa (ABWA), where the President of LICPA is also the current President (May 2013 to May 2015). The ABWA presidency is rotated among members of the Association's accounting bodies. On that basis, a member body, not an individual, shall be elected President or Vice President of the Association. The revised ABWA Constitution requires that the post of President and Vice President alternate between English-speaking and French-speaking members of the body. On this basis when the current President comes from an English-speaking member body, the Vice-President is elected from a French-speaking member and vice versa.
The Liberian Institute is also a founding member of the Pan African Federation of Accountants (PAFA). Since LICPA currently holds ABWA's Presidency, its President also represents the West African Territory of the PAFA Board.
LICPA has been a full member of the International Federation of Accountants (IFAC) since 1982. In addition, LICPA is a founding member of the Liberian Institute of Tax Practitioners (LITP).
References
Source of the article : Wikipedia
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