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LICPA says its major challenge has been funding to hire professional teachers, though it has a series of Memoranda of Understanding with other universities, including Stella Maris and Cuttington University.

By Lincoln G. Peters 

Monrovia, July 11, 2024: The Liberian Institute of Certified Public Accountants (LICPA) is seeking US$500k in financial support to operate effectively and accomplish some key projects.

Over the weekend, LICPA National Secretariat Mr. Papin Daniels explained that while the institution seeks partners’ support, the Government of Liberia remains a major stakeholder. 

“LICPA needs about half a million United States dollars (US$500,000.00) budget support to run the institution effectively,” he said.

According to Daniels, LICPA has a membership strength of 167, noting that the fund provided by the government can only cater to secretariat staff.

Daniels stated that LICPA needs funding to hire well-trained professionals to teach tutorial classes for candidates, among other things.

“We have been engaging the government, which is our major stakeholder, to see the need to increase funds allocated to the institution,” said Daniels.

“We are hopeful that, subsequently, the government will step up to our needs. As it is, the budget allocated to the institution is immaterial,” he explained.

Daniels noted that the LICPA wants to push forward if the Institute will be seen as a strategic partner in the country’s growth and development, especially in public sector financial management.

He said LICPA has a series of Memoranda of Understanding (MOUs) with other universities, including Stella Maris and Cuttington University, to make the exam attractive.

However, he said the major challenge has been funding to hire professionals who would offer teaching classes.

Before one assumes the role of comptroller and account general of Liberia, Daniels revealed that the Institute has suggested in the Public Financial Management (PFM) regulation to the government that person be a member of an accounting body.

“The exam is key and important for growth and development,” he said. 

LICPA, in Collaboration with the Institute of Chartered Accountants Ghana (ICAG), has concluded its flagship accountancy certification examination for accountants in Liberia seeking to become Chartered Accountants.

Daniels congratulated those who mustered the courage to write the examination from July 1 to 5, 2024, terming it “part of the growth and development process for accountants.”

A Chartered Accountant (CA) is an International Accounting Designation granted to Accounting Professionals in many countries, including the United States.

A CA credential typically proves that its holder is qualified to file a business tax return, audit financial statements and business practices, and offer advisory services to clients.

Following the exam’s conclusion, some candidates shared their experiences about the exam and LICPA with recommendations. 

Rose T. Bledi expressed her frustration with writing the exam several times without fully passing. She recommended that LICPA provide a study platform or intervention before administering the exam to ease the stress and enhance productivity. 

“We have lots of constraints. From what we gathered from colleagues in Ghana, study platforms [and] interventions are available for them. But here we are not getting those opportunities that will help us perform well at the exams,” said Bledi.

She appealed to the LICPA to support candidates’ efforts by helping them with study time and materials and providing intervention so that they could perform well.

Another candidate, Alieu A. S. Konneh, said he has been applying for the exam since its syllables were established.

He described it as tedious for accounting professionals and stressed the need for tutorial classes to guide them on the areas of focus when writing the exams. 

Additionally, Eric R. Kiawen said he started his journey at the LICPA in 2023. He mentioned the constraint of paying examination fees and recommended that the LICPA request the employee’s entity to pay their staff examination fee.

“This will attract more people to write the exam,” he pleaded.

Source of original article: Liberia news The New Dawn Liberia, premier resource for latest news (thenewdawnliberia.com).
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