Monrovia – The Liberia Institute of Certified Public Accountants has frowned on President-Elect Joseph Boakai’s decision to downplay local auditing firms and hire foreign ones to audit past government officials.
By J.H. Webster Clayeh (0886729972)-[email protected]
Recently, Boakai to the public that his administration would vigorously fight corruption and promote accountability. That way, he disclosed plans to hire foreign auditing firms to audit past government officials.
Speaking to journalists at the headquarters of LICPA, the president of the institution Victor S.K.B Tanwone, Sr. said his institution applauds and welcomes the initiative of auditing past government officials.
However, he said there exist local audit firms with equivalent qualifications and competency to perform such tasks as foreign auditing firms.
“I am pleased to use this medium to call the attention of the President–Elect, His Excellency Ambassador Joseph N. Boakai the following: Hiring of foreign audit firms. The Liberian Institute of Certified Public Accountants has taken a keen interest in the President–Elect’s pronouncement about his intention to hire the services of foreign audit firms to conduct an audit of the stewardship of past government officials,” Mr. Tanwone said.
The LICPA boss added: “The Institute, therefore requests His Excellency to hire the services of these local audit firms or encourage any foreign audit firm to be hired to partner with local audit firms that are licensed by the LICPA in performing the engagement or audit.”
“Our position is not only to say don’t bring in foreign audit firms, they should partner with the local audit firms. That way you are building capacity, you are increasing revenue of the local audit firms that are on the ground, because they will pay taxes to the government and you are encouraging the future young Liberians that want to be professional accountants,” Mr. Tanwone said.
Appointment Of Comptroller And Accountant General
The LICPA also stresses that Section 12.10 of the Public Financial Management Act, as amended (PFM ACT) states that there shall be minimum qualification standards established in the regulations for the position of Comptroller and Accountant General and for Comptrollers of line ministries and agencies.
Part II, Section 7.2 of the Public Financial Management Regulations Mr. Tanwone says states that notwithstanding sub–regulation (1), the Comptroller and Accountant General shall be a professional member of a recognized professional accountancy body with no less than a bachelor’s degree in Accounting or Business Administration or Finance and shall have a minimum of 10 years relevant work experience in accounting, five of which must be in a senior management position within a reputable organization.
“Even though, the Act and regulations did not specify the LICPA. However, we solicit, your Excellency, your consideration to appoint a professional member of the Institute as Comptroller and Accountant General to give relevance or morale boost to local content as it is done in other countries in Africa and the world,” LICPA boss asserted.
He added: “It will also serve as an encouragement for young future Liberian accountants to pursue professional certification or qualification.”
Also, the LICPA commends the President-elect’s unwavering commitment to accountability and transparency in the management of public resources.
However, the group says if the President-elect wants to achieve his goal, he must appoint professional members of the LICPA as Chief financial officers and comptrollers at all government ministries, agencies, and state-owned enterprises.
“Whilst this is not a requirement in law at the moment, we strongly encourage you to constitute this action via Executive Order. The work of these professionals is governed by the International Code of Ethics for Professional Accountants issued by the International Ethics Standards Board for Accountants (IESBA). A body constituted by the International Federation of Accountants (IFAC) to issue ethical requirements or standards for Professional Accountants,” he said.
Also, the LICPA president is calling on what he termed as fake auditing firms and individuals
that are parading themselves as Certified Public Accountants (CPAs).
“The LICPA is the only legal body constituted and authorized by law to grant licenses to qualified individuals or firms to practice or offer accounting, audit, and other assurance services in Liberia.
Individuals and entities hiring the services of these fake individuals violate the laws and will be prosecuted if caught,” Mr. Tanwone said.
