Monrovia, Liberia - Vice President Joseph N. Boakai says that at the nerve center of Liberia’s crusade for transparency and accountability lies the indispensability of the production of accountants of superior quality.
He said allowing any drop in our vigilance in this endeavor will unavoidably open the gates to the infestation of our control systems with half-baked accounting professionals which will only serve to undercut this crusade.
According to a release from the Office of the Vice President, he made these remarks recently when he spoke at the formal launch of the Secretariat of the Public Accounts Committee of the National Legislature in Monrovia.
He said the new LICPA Act, promulgated under this Government, does not fail in granting you all the powers and authority that you need to meet the challenge.
Vice President Boakai urged LICPA to work towards building the institutional capacity to comply with standards and the bar set by the International Federation of Accounts, IFAC, particularly its statements of membership obligations, a release from the Office of the Vice President said.
Also speaking at the launch, the World Bank Sector Manager of the Financial Management Unit for West and Central Africa, Mr. Renaud Seligman said ‘given that the setting of the PAC Secretariat and the consequent public hearings it will support are a new phenomenon in Liberia, there will be challenges at the outset, as expected. However, with strong commitment and support from the Legislature, and the cooperation of the Executive and the judicial branches of Government, this tide of reform will prevail…”
Noting further Mr. Renaud said ‘as Liberia’s economy continues to expand and opportunities for private sector led growth are increasing, there is the need for a strong accountancy institute to help improve upon the quality of financial reporting through the effective regulation of accountancy and audit practice” the release concluded.