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Liberian Institute of Certified Public Accountants (LICPA) Complies with International Standards

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The Liberian Institute of Certified Public Accountants (LICPA) has made significant progress in adopting international standards in the accounting profession.

Implementation of International Education Standards (IES)

According to a report by the International Federation of Accountants (IFAC), LICPA has adopted several international standards, including:

  • International Education Standards (IES)
  • International Standards on Auditing (ISA)
  • Code of Ethics for Professional Accountants
  • International Public Sector Accounting Standards (IPSAS)

Adoption of ISA and IES

LICPA has also adopted ISA and issued Regulation 1: Professional Standards and Related Practice Statements in July 2015. All subsequent standards and revisions issued by the International Auditing and Assurance Standards Board (IAASB) automatically become adopted for application.

Implementation of Practical Experience Framework

The institute has established a practical experience framework to further meet the 2015 revised IES requirements.

Adoption of Code of Ethics

LICPA has adopted the Code of Ethics for Professional Accountants, issuing Regulation 1 in July 2015, which adopts the 2015 IESBA Code of Ethics. In January 2020, LICPA formally adopted the 2018 International Code of Ethics.

Implementation of IPSAS

While LICPA has taken steps to implement IPSAS, it has not yet transitioned from cash-basis to accrual-basis IPSAS due to delays caused by the Ebola virus outbreak.

Establishment of Ethics, Investigation, and Discipline Committee (EIDC)

LICPA has established an EIDC responsible for investigating allegations of professional misconduct. While the EIDC is functional, certain components, such as a separate entity to make disciplinary decisions and an appeals mechanism, require further implementation efforts.

Conclusion

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In conclusion, the report notes that LICPA has made significant progress in adopting international standards, but there are still areas where improvement is needed.

Sources

  • Liberian Institute of Certified Public Accountants (LICPA)
  • Relevant Legislation: Liberian Institute of Certified Public Accountants (LICPA) Act, 2011
  • Relevant Publications:
    • Harmon, William Q. “LICPA, Stella Maris Partner to Enhance Accounting Education,” in Daily Observer. 1 Feb 2019.
    • LICPA, SMO Action Plan, April 2020.
    • World Bank, Report on the Observance of Standards and Codes (ROSC), Republic of Liberia: Accounting and Auditing, February 2011.

Disclaimer

IFAC bears no responsibility for the information provided in the SMO Action Plans prepared by IFAC member organizations. Please see our full Disclaimer for additional information.