LICPA Inducts Officers -As Tanwone Warns Dues Defaulters

MONROVIA – The Liberia Institute of Certified Public Accountants(LICPA), on Saturday, January 29, 2022, held its 11th induction ceremony where a  new leadership that will steer the affairs of the institute for the next two years installed with a strong warning from the President, Mr. Victor SKB Tanwone that his administration will not hesitate to enforce all measures to make members to pay their compulsory membership dues which will enable the body to execute all its projects earmarked for accomplishment during his tenure.

Our reporter who covered the event said those inducted into office for the next 2 years were , Messrs. Victor SKB Tanwone, Sr, President, Papin Daniels Jr, Mohammed B. Korleh, Council Member and Steven D. Seimvula, member and P. Garswa Jackson, member

At a colorful occasion held at the Monrovia City Hall where Mr. Tanwone took the oath of office to begin his second and final tenure as President,  he told his colleagues that at this stage of the growth of LICPA, they will agree with him that it is facing serious funding challenge, and in the face of this constraint, only LICPA members can salvage the situation by being good subscription and other dues payer. “Good subscription payers are Institution builders while those who elect to evade subscription are Institution destroyers. I entreat you therefore to be good subscription payers, only then will we grow our Institute and profession in Liberia”, he said.

Sending out the warning, he said, “The LICPA’s by- laws say pay dues in full. It might interest you to know that by next week the first list of members in good standing, which include member firms, licensed members and those who have made full payment will be published. If you have made half payment, irrespective of who you are and what weight you carry, Victor Tanwone will not allow your name to be put up on that list. For those who will want to go to the court, like the Supreme Court to challenge our decision, I have a surprise for you that we will be waiting for you and we will deal with you decisively because we have our competent legal team to deal with you”, he said amidst thunderous cheers..

Speaking on the theme of the program, “The rapid evolution of Information Communication Technology (ICT) and its impact on the future of the Accounting Profession , he said that the future of accounting is already here stating that the trend impacting the future of accounting are automation software, data analytics and similar improvements in accounting technology have helped to eliminate the need for manual and repetitive tasks that have historically been time-suck for professional accountants and firms.

He promised to continue and expand the professional programs with the various higher institutions in the country, increase the membership drive by extending it in the other 14 political divisions as he said “Monrovia is not Liberia” and leave behind a strong LICPA that will be at par with other strong institutions around the world.

In his goodwill message, the President of the African Methodist Episcopal University(AMEU), Dr. Alvin  Attah, extolled the leadership of the institute, highlighting some of its achievements over the years which include the increase in membership, the introduction of professional programs at the various high institutions in the country, the acquisition of its first national secretariat in 89 years and the plan to administer its own professional exams and not depending on Ghana or other countries.

He said he was of the fervent hope that the years ahead will be very rewarding as he has absolute confidence in the leadership of Mr. Tanwone whom he described as “an excellent and exceptional gentleman” and his team.

Delivering his Keynote address, the Auditor General of the General Audit Commission, Mr. P. Garswa Jackson, commended the leadership and members of LICPA for organizing the event. He spoke of the importance of information technology has played in changing the outlook of the accounting profession and urged LICPA while rolling out its programs in the various institutions to also embrace the use of technology as it has radically helped to save time, wastage and added innovation to the workplace.

He said the government is working with its development partners to improve service delivery in the financial sector of the country especially in the area of audit and enhancing financial inclusion, stressing that the government hopes to leverage on the expertise and cooperation of LICPA in its drive to provide credible management and use of its resources.

Speaking while giving his vote of thanks and recognizing sponsors, Mr. Hector Wuor, Executive Director of LICPA extended many thanks and appreciation to the government, development partners, professional partners, institutions and individuals who made it possible for the program to be held. He paid homage to those who stood with the institute during the period under review especially in identifying with the projects of the institute as well as the execution of those projects and hoped that as the administration embarks upon a new tenure, the assistance and support received in the past will increase.

Also at the occasion, remarks came from the government through Dr. Samora P.Z. Wolokollie, Deputy Minister of Finance for Fiscal Affairs who promised that financial support earmarked for LICPA from the government will be given to the institute to assist in undertaking and executing its projects. He solicits the cooperation of the organization to identify with the professional needs of the government.

Former President, Steven D. Seimavula, stressed the need for commitment from the membership of LICPA especially at the time when the institute is expanding in membership and has also embarked on projects that must be supported while Mr. David Mensah, Country Manager, PriceWaterhouse Cooper Liberia (PWC), an audit firm, promised to avail the services of his entity to LICPA as it builds on the plan to enrich the knowledge base of the accounting profession in the country.

The Liberian Institute of Certified Public Accountants (LICPA) is the successor of the Institute of Certified Public Accountants, Liberia (LICPA) which was established by an Act of the National Legislature in 1933. It was established by an Act of the National 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.

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