The president of the Liberian Institute of Certified Public Accountants (LICPA) believes it is time for the organization to develop and pursue strategies that will ensure its continued relevance.
Steven D. Seimavula said the LICPA must first contribute to the development of its members. According to him, proactive strategies are essential for LICPA to overcome internal and external challenges in order to maintain and enhance its status.
Seimavula was delivering his inaugural address at the Monrovia City Hall on December 7.
Others inducted by Central Bank Executive Governor Milton Weeks were: Victor S. Tanwone, vice president; and Wah Nim’ne E. Mombo, Sr., council member. Arthur W. B. Fumbah is the outgoing president.
Speaking on the theme: “Growing Liberia’s Next Generation of Accountants, a Foundation for National Development,” Seimavula outlined four thematic areas to address during his tenure.
He named defining and providing strategic direction, providing education and training to prospective students, regulation and technical and relevant services to members.
Under the first pillar, Seimavula said LICPA will identify and address the most serious challenge facing it.
Under the second pillar, Seimavula said: “This administration intends to evaluate the quality of the intake of students and increase the enrollment in the various professional programs, which is critical to the future of the institution.
“Of the current 83 members, 14 are between 25-34 years, 22 are between 35-44 years, 16 are between 45-54 years, 16 are between 55-64 years and 15 are above 65 years. In effect, we have 31 members who have already retired. That translates to 15 members more than the total number of persons the institute has qualified under the current arrangement with the ICAG in seven years.”
He said it was important for LICPA to maintain an appropriate regulatory role and relationship with other oversight bodies like the Central Bank of Liberia, the Liberia Revenue Authority and the Ministry of Finance and Development Planning.
Seimavula promised to develop relevant services to assist members so that they can work to the highest professional standards.
Towards achieving his goals, Seimavula intends to hire a director for technical services, examinations and training, and members and students services respectively between six months to a year.
Seimavula said the changes are intended to lay the foundation for an elaborate sustainable growth process that will support its operations.
As enshrined in section 5 of the act that created LICPA, Seimavula and team will serve a term of office for two years.
Serving as keynote speaker, Li Zhuang, deputy chief of mission at the Chinese Embassy near Monrovia, commended LICPA for its contribution to the growth and development of Liberia.
Li said China stands for democracy in international relations and the equality of all countries, big or small, strong or weak and rich or poor.
He said China has made great new contributions to global peace and development and used the occasion to recount the China-Liberia relationship.
“In recent years, China has enhanced its friendship and cooperation with Liberia and other developing countries with most of them in Africa. China continues to abide by the principles of sincerity and practical results by upholding the values of friendship, justice and shared interest,” he said.
Li said the renovation of the Samuel Kanyon Doe Sports Complex, the construction of the new ministerial complex in Congo Town and annexes to Capitol Building, the Liberia Broadcasting System project and the new airport terminal and runway projects at the Roberts International Airport don’t only represent China’s speed and quality but also demonstrate China’s commitment to ensure that Liberia becomes a middle-income country by 2030.
LICPA, which was enacted by the legislature in June 2011, is tasked with regulating the practice of accounting and accounting related consultancy as well as the professional conduct of accountants and auditors by establishing and enforcing accounting, auditing, and other assurance engagement standards.
LICPA is an affiliate of the Association of Accountancy Bodies in West Africa (ABWA), Pan-African Federation of Accountants (PAFA) and International Federation of Accountants (IFAC).
It seeks partnership with other reputable professional accounting institutions and remains committed to building the capacity of its members and accounting practitioners with its continuing professional development programs.