The Liberia Institute of Certified Public Accountants (LICPA) last Saturday elected its new leadership. The annual general meeting, which held the election, had been delayed for some time following the outbreak of Ebola.
Those elected were Mr. Arthur Fumbah, president, Mr. Paul Collins, vice president and Mr. Taweh Veika, head of the council of members.
The election, which was tension-packed, saw Mr. Fumbah narrowly winning with 19 votes, while the institution’s outgoing president Nim’ne Mombo accumulated 18 out of 37 eligible voters.
The newly elected president Fumbah said he was happy to be elected to steer the affairs of the body of professional certified public accountants.
His election, he said, was not a surprise because of his hard work with the outgoing leadership.
Fumbah said his professional, academic and long years of public service to the institute led to his electoral success.
He promised to improve LICPA’s engagement with the Liberian government, stressing that the institute’s relationship with the government in the past has not been very constructive.
The newly elected president also pledged to ensure that the institution fits in the government’s de-concentration program to add value to the profession.
The new LICPA boss promised to strengthen the syllable integration program of LICPA and also work in partnership with the universities’ Accounting syllabus to strengthen and broaden the capacities of students studying Accounting.
“My administration will ensure that the cost of LICPA’s exam for certified accountants is affordable to increase the enrollment of students in the institution,” he assured.
President-elect Fumbah joined LICPA in 2007 when he worked with Mr. Sam Mombo, then Executive Director of the institute, to raise funds for LICPA to host the Council Meeting of the Association of Accountancy Bodies of West Africa (AWBA) in Liberia.
The immediate outcome of the 2007 AWBA Council Meeting was a contribution of US25,000 from Nigeria; US10, 000 from Ghana and equipment worth US1,400 from the Women Accountants of Nigeria to set up the current office of the LICPA.
Vice president-elect Paul Collins, who won on a white ballot, promised to work with his colleagues to improve and grow the institution.
He said much work needed to be done to bring more students on board to have more Certified Public Accountants (CPAs) in the country.
Meanwhile, outgoing president Nim’ne Mombo said that in order to decrease the high rate of corruption in the country, the capacities of Certified Public Accountants must be built.
“We cannot deal with corruption issues if those who are responsible to conduct audits are not qualified,” the outgoing LICPA boss asserted.
He said corruption can only be eliminated when auditors are well trained, adding that the increase in corruption can be widely attributed to the low capacity of most auditors in the country.
LICPA’s annual meeting brought together professional certified public accountants who discussed the institution’s activities, including its finances and implementation of the organization’s programs.