The Liberia Institute of Certified Public Accountants (LICPA) in collaboration with the Institute of Chartered Accountants of Nigeria (ICAN) has completed a quality assurance review of Accounting firms in Liberia.
The quality assurance review, which is done occasionally by the International Accounting Institution, intended to review accounting firms in a country to accreting whether the firms are practicing international standards in its service delivery which is a key requirement by the International Federation of Accountants (IFA).
The review exercise was conducted by two senior Accountants from Nigeria including a council member of ICAN, Haruna Yahaya and the immediate past Registrar and Chief Executive Officer of ICAN, John Evbodaghe.
Speaking with journalists recent in Monrovia, a Council Member of the Institute of Chartered Accountants of Nigeria ICAN, Haruna Yahaya, said the delegations in line with LICPA reviewed thirteen Accounting firms in Liberia and that 80% of those firms have met the international standard in its quality and service delivery in the country.
Mr. Yahaya, also Managing Partner of the Haruna Yahaya Charter Accounting Firm in Lagos, Nigeria, said the quality review is very important and is mandated by LICPA as well as IFA.
“The review done here in Liberia covers the International Standards on Auditing and the International Standard on Quality Control-1. The ISQC requires each member firm to ensure a level of control and quality in service delivery.
“The essence of the review was to ensure services rendered to clients are of international standard,” he noted, adding, “We have seen all the 13 firms except one, and we have concluded the review of local levels and we have seen that their working papers are of standard.”
Mr. Yahaya said Liberian auditing review shows that there is a generational gap in the country particularly with young people in the area of the Accounting profession.
In remarks, the President of the Liberia Institute of Certified Public Accountants, Victor Tanwone, thanked the Nigerian delegation for honoring their invitation to such a ‘great work.’
Tanwone noted that the LICPA will publish the list of member firms that went through the review process and members who are licensed to practice in the Country.
Mr. Evbodaghe said that quality control in the audit environment, which the review done here was meant to achieve, is an important area of focus for audit practitioners.
“This section provides guidance to firms on international quality control standards for auditors, including International Standard on Quality Control 1 (ISQC 1) and includes our paper on improving audit quality using root cause analysis (RCA). It also picks up international developments, including the IAASB audit quality project,” he said.