As enshrined in Section 7 of its act, the overarching objectives of the LICPA are to represent, promote and regulate the accountancy profession in Liberia, in the public interest. To accomplish these overarching objectives the operational activities of the Institute shall be to
- set, monitor and enforce accounting, auditing, other assurance, education, ethics and other professional standards of general and specific application in Liberia;
- license qualified individuals and firms to engage in public accounting in Liberia; and
- supervise the conduct of all persons, firms and individuals, who engage in public accountancy in Liberia.