“Second Term Will Consolidate On Our Gains” -LICPA Prexy Tanwone Makes Promises

Ahead of his induction for his second and final term in office, the President of the Liberia Institute of Certified Public Accountants (LICPA), Mr. Victor Tanwone said his administration will consolidate on the gains of its first tenure that saw a major paradigm shift from what the institute used to be to a more virile and robust entity which has further professionalize the career that accountants in Liberia have come to appreciate.

Speaking to The Analyst newspaper over the weekend in an exclusive interview via mobile phone, Mr. Tanwone said that the induction ceremony which comes up on Saturday, January 29, 2022, will be an epochal event that will usher in a renewed vigor and enthusiasm to take LICPA further from where his first tenure ended and believes he has the right team and their commitment to make sure that the target set for the next two years will be achieved.

“Yes, I can confirm to you that the induction ceremony comes up on Saturday, January 29, 2022. It will be an epochal event. On that day, we will be taking the mantle of leadership and lead this noble institution to where it should be. Thank God we have the right team, the members and other stakeholders to make our transformation succeed. We have set everything in motion and with what we achieved during our first tenure, our second tenure will be to consolidate on our gains with the view of leaving behind a legacy that will be enviable enough to emulate”, the excited President Tanwone said.

When asked about his major achievements during his first tenure from which he will be consolidating the gains, Mr. Tanwone said his administration has fulfilled its promise to provide befitting national secretariat as a new structure will be perfectly ready before the convening of the West African Accountants conference slated for March this year, that the project to introduce professional accounting training in tertiary institutions, tagged the Syllabi Integration Program(SIP) under the Accounting Technicians Scheme West Africa (ATSWA) which has seen the Grand Bassa County and Bomi County Community Colleges consenting and a  memorandum of understanding  is ready to be signed  as well as the project to professionalize public sector accounting, a strategy to train government accountants  to overcome the challenge they face in generating multi- purpose financial statement in compliance to the International Public Sector Accounting Standard(IPSAS). He said the Ministry of Finance and Development Planning, the Liberia Revenue Authority, the General Auditing Commission(GAC) and the Internal Audit Agency(IAA) have submitted lists of candidates to enter the program and funding will come from the World Bank, United Nations Development Program and the African Development Bank.LICPA is working in partnership with the Ministry of Finance and Development Planning with funding from the United Nations Development Fund and the Liberia Revenue Authority with support from the African Development Bank (AfDB).

Mr. Tanwone also said as one of its major achievements, LICPA will this November begin to conduct its own professional examinations other than depending on the Ghana Institute of Certified Public Accountant (GICPA) that has been conducting the examinations over the years. He said his administration was able to enlist the support of the Association of National Accountants of Nigeria (ANAN) to train the examination team while the Institute of Chartered Accountant of Nigeria (ICAN) and the Institute of Chartered Accountants of Ghana (ICAG) have also agreed to provide technical expertise to professionalize standards.

The Edinburgh Business School graduate said he is very hopeful that there will be bumper packages for the benefit of the institute in his second term.

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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