MONROVIA- The Liberia Institute of Certified Accountants (LICPA) over the weekend inducted into offices its governing council headed by Mr. Victor Tanwone, Sr. as president and Mr. Papin Daniels as vice president.
The Liberian Institute of Certified Accountants (LICPA) was established through an act of the Legislature with functions to include capacity building of various types in Accounting and Accounting-related disciplines for both private and public sectors of the Liberian Economy.
The group on Saturday hosted its 11th inauguration at the Monrovia City hall with the presiding bishop of Philadelphia Church, Bishop George Harris serving as the installation officer.
Others inducted alongside Mr. Tanwone and VP Daniels were Mr. Mohammed B. Korleh, council member, Mr. Steven Seimavula, the past president as statutory members: Mr. Janga Kowo, representing the Ministry of Finance, Mr. Roosevelt Forh, of the Central Bank Liberia (CBL) and Mr. P. Garswa Jackson, representing the General Auditing Commission (GAC) on the board.
Mr. Tanwone, in his induction speech, lauded his colleagues for trusting him for the second time to as their president to lead the organization. He said his reelection was at the result of his pivotal role played during his first term in 2018 and assured his colleagues to remain committed in improving the LICPA.
According to him, for the first time since the establishment of LICPA in 1933, the institution has secured its own headquarters with 90% renovation work already being done and expected to be completed this year. The LICPA for the first time hosted the ECOWAS-ABWA Congress in Liberia, something he was a significant milestone.
“For the first time since we were established, I’m pleased to inform the public that we have acquired our personal headquarters for LICPA; situated in Congo town with 90% work already completed,” he said.
Tanwone further since he took over the realm of leadership, the Institute has qualified seven professional and three semiprofessional students. HE named them as Emmanuel Tetteh, Blama Siryon, Kofi Abedu-Bentsi, Seiwon Seidi, Harlee Juwry, Emmanuel Sartee, Francis Satia, Perterson Tomah, Fatu Gbarkoyah and Jerome Russ.
The Auditor General of Liberia, P. Garswa Jackson, serving as the keynote speaker and spoke on the theme: “A repaid evolution of information, communication, technology (ICT) and its impact on the future of Accounting as a profession”.
Mr. Jackson said: “The evolution of ICT has affected the accounting profession from being one that only centers on bookkeeping; payroll processing, and has now expanded to accountants playing more analytical and advisory roles. The advancement in technology, he added, can now enable an accountant to complete a detail spreadsheet analysis within just an hour; something that would have taken several hours to complete.
He admonished his colleagues to adjust and take more interest in the rapid change Accounting has undergone over the years in order to be on par with the transformation of the profession.
In October 2021, the LICPA, at its Annual General Meeting (AGM) in Monrovia elected its new corps of officers to run the affairs for the institution for next three years. The decision was in line with the Institute’s rules and regulations. The incumbent president, Mr. Victor Tanwone Sr. and vice president Papin Daniels Jr., were re-elected on white ballots, while Mohammed B. Korleh defeated his rival to become the Institution’s new Council Member during its Annual General Meeting (AGM) held over the weekend in Monrovia.
The AGM brought together members from across various accountant firms in Liberia and its statutory members from the Ministry of Finance and Development Planning (MFDP) and the Central Bank of Liberia (CBL), among others.
The Liberia Institute of Certified Public Accountants (LICPA) was established by an act of Legislature in June 2011 to regulate the accounting profession in Liberia.
The LICPA is empowered to set standards, license accounting and assurance practitioners, build capacity and do all things appertaining to regulating the accounting and assurance professions aimed at building a strong and vibrant public accounting sector in the country.