By: H. Matthew Turry
MONROVIA – After series of planning and networking with its partners, the Liberian Institute of Certified Public Accountants (LICPA) in collaboration with Institute of Chartered Accountants Ghana (ICAG) has concluded its flagship accountancy certification examination for accountants in Liberia who are seeking to be Chartered Accountants.
Speaking to reporters at the National Secretariat of LICPA on Friday, July 5, 2024, the President, Mr. Papin Daniels, congratulated those who mustered the courage to write the examination which was administered on Monday, July 1, 2024, terming it as “part of the growth and development process for accountants”
“LICPA needs about half a million United States dollars in support to effectively run the institution,” he said.
He said though Government of Liberia remains a major stakeholder, the 167-membership strength of the institution cannot sustain the secretariat, and is therefore seeking for support from its partners.
Mr. Papin Daniels said the LICPA needs funding to be able to conduct tutorial classes for candidates, among other things, indicating that the fund the government gives only caters to secretariat staff. He said the institution needs extra money to hire well trained professionals to come on board to teach.
“We have been engaging government, which is our major stakeholder to see the need to increase fund allocated to the institution,” LICPA boss said. “We are hopeful that subsequently, the government will step up to our needs. As it is, the budget allocated to the institution is inadequate. We want to push forward if the Institute will be seen as a strategic partner to the growth and development of the country, especially in the area of public sector financial management.”
To make the exam attractive, he said further, LICPA has a series of Memorandums of Understanding (MOUs) with other universities, including Stella Maris and Cuttington University but the major challenge has been funding to hire professional instructors and professors
He added that the exam remains the same but the syllables remain wide, which calls for teaching classes and interventions.
Daniels also revealed that the Institute has proffered suggestion in the PFM regulation to the government that, before one assumes the role of controller and account general of Liberia, that person should be a member of an accounting body.
“The exam is key and important for growth and development,” he said.
A Chartered Accountant (CA) is an International Accounting Designation granted to Accounting Professionals in many countries around the world, aside from the United States.
A CA credential typically proves that its holder has the qualifications to file a business’s tax return, audit financial statements and business practices, and offer advisory services to clients.
Following the conclusion of the exam some of the candidates shared their experiences about the exam and LICPA with recommendations.
Rose T. Bledi, a candidate who expressed her frustration of writing the exam several times without fully passing it, made recommendation to LICPA to provide a study platform or intervention prior to administering of the exam.
This, she said, will ease the stress and enhance productivity.
“We have lots of constraints, from what we gathered from colleagues in Ghana, there are study platforms, intervention available for them, but here we are not getting those types of opportunity that will help use perform well at the exams,” she added. “My appeal to LICPA is to buttress our efforts by helping us with study time and materials as well as provide intervention so that we can be able to perform well.”
Another candidate, Alieu A. S. Konneh, who said he has been applying for the exam since the setting up of its syllables, described it as tedious for accountant professionals and stressed the need for tutorial classes that will guide them when writing the exams.
Another Liberian, Eric R. Kiawen said he started his journey at the LICPA since 2023, bemoaning the constraint of paying examination fee.
He recommended that the LICPA request employee’s employers to pay their staff examination fees.
“This will attract more people to write the exam,” he also requested.
Jeremie G. Russ, who is also a candidate, recommended to the Government of Liberia to increase subsidy to LICPA to enable the institution carry out its responsibility effectively.
Some of the examiners who spoke at the occasion gave their impression about the exercise.
Naomi Boadi of the Institute of Chartered Accountants Ghana (ICAG), who supervised the exam, emphasized on the interest of candidates, saying the more candidates are interested the more the exam becomes profitable to LICPA and Liberia.
“My humble plea is that, LICPA should make it very interesting and attractive for more candidates to want to write it. I pray that next year, by this time, we should have twice the candidates who would be sitting the exam,” she told the media.
Ms. Boadi also noted that Chartered Accountancy is a professional program and that candidates would need tutorial intervention prior to sitting the exam but that they also need to make conscious efforts by devoting discipline and time to be able to get the concept of the syllables in order to meet required mark.
Comparing conditions of the exam between Ghana and Liberia, she indicated that in Ghana the facilities are better and there are teaching centers everywhere to abreast candidates of exam materials.
She therefore she recommended that the LICPA should assist candidates with teaching. “It is all about the teaching, facilities, and amenities”, Ms. Boadi added.
“I implore the Government of Liberia to institute a policy that will make the program compulsory. Some positions should not be occupied if you don’t have the certificate so that other people will know that the program is very important,” she further stressed.
For their part, Mohammed B. Korleh, LICPA vice president, and Executive Director Hector J. Wuor extolled candidates for mustering the courage to sit the exam. They emphasized the significance of the certificate because it distinguishes a holder from other accountants competing in the financial management arena.
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