Monrovia – The Liberia Institute of Certified Public Accountants (LICPA) has rejected a statement made by Unity Party supporter Martin K. N. Kollie, asserting that LICPA lacks the authority to grant a Certified Public Accountant (CPA) designation, including to Deputy Minister of Finance Samora P.Z. Wolokollie.
By J.H. Webster Clayeh (088729972) – [email protected]
Mr. Wolokollie, recently nominated by President George Weah to head the Liberia Revenue Authority (LRA), has faced criticism from the opposition Unity Party, including Mr. Kollie, regarding the timing and qualifications of the Deputy Finance Minister.
LICPA President Victor S.K.B Tanwone, Sr. addressed the press on Monday, January 8, 2024, stating that Section 14, subsection 2 (a i) of the LICPA Act, titled “Certified Public Accountants (CPAs),” outlines the criteria for obtaining the CPA designation. Tanwone emphasized that LICPA has the authority to grant the CPA designation to individuals meeting the specified requirements.
Quoting Kollie’s Facebook post on January 5, 2024, Tanwone refuted the claim that LICPA lacks the authority to award the CPA designation. He questioned how Kollie could make such a statement when the LICPA Act explicitly grants the institute this authority.
Tanwone highlighted that LICPA, established in 1933 by the National Legislature, is recognized as a Professional Accountancy Organization (PAO) and was subsequently licensed by the International Federation of Accountants (IFAC), the global regulatory body for the accountancy profession.
According to Tanwone, LICPA’s objectives include representing, promoting, and regulating the accountancy profession in Liberia in the public interest. The institute is empowered to set, monitor, or enforce accounting, auditing, and other professional standards in Liberia, as well as license qualified individuals and firms for public accounting.
Responding to Kollie’s assertion that LICPA is a membership-based and not an academic institution, Tanwone clarified that LICPA is a Professional Accountancy Organization (PAO) engaged in training as part of its objectives, as specified in the LICPA Act.
Tanwone concluded by highlighting that both LICPA and ICAG are members in good standing with IFAC and sit on the Council of IFAC. He questioned Kollie on the possibility of any PAO not recognized globally being admitted to the Council of the global regulatory body for the accountancy profession.
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