Functions of LICPA

In furtherance of its objectives, Section 8 of the LICPA Act authorizes the Institute to have and perform the following functions:

regulate the practice of accounting and accounting-related consultancy as well as the professional conduct of accountants and auditors in Liberia by establishing and enforcing accounting, auditing and other assurance engagement standards in Liberia;
determine, set, adapt or adopt and promulgate standards and rules of general and specific application to accounting and auditing in Liberia that are appropriate for the private sector of Liberia;
determine, adopt and promulgate quality control standards and assist audit firms with their implementation;
implement Quality Assurance requirements to ensure the quality of the work undertaken by auditors; and ensure proper implementation of Quality Control Standards as defined in this Act.
Establish disciplinary mechanisms for investigating and disciplining members for breach of the Institute’s regulations;
advise the Government of Liberia, in consultation with the appropriate agencies of government, regarding accounting, auditing and other assurance standards that are appropriate for the public sector;
determine, adopt and promulgate professional education and training, as well as practice and ethics requirements for professional and student members of the Institute;
monitor and enforce compliance with duly promulgated standards by all accountants and auditors in Liberia, as applicable; and, in connection therewith, to institute disciplinary proceedings and, where required, to impose appropriate sanctions against persons in breach of such established standards and/or rules;
regulate and govern the conduct of its members in the practice of their business as a profession;
promote the integrity and enhance the status of the accountancy profession in Liberia including the declaration of any particular business practice to be undesirable for all or a particular category of accountants;
promulgate and maintain appropriate practice standards among members that are consistent with the public interest and the principle of self-regulation;
represent, coordinate and develop the accounting profession and the interest of accountants in Liberia;
develop, promote, maintain and improve appropriate standards of qualification in the accounting profession in Liberia;
accredit local and foreign accountancy academic and professional qualifications; and accredit foreign accountancy bodies;
promote and advance the theory and practice of accounting and auditing in all aspects including in particular but not limited to assurance engagements in general and auditing and other assurance engagements in particular; as well as financial accounting, financial management, accounting-related consultancy and taxation;
develop, promote and enforce internationally comparable accounting and auditing standards in Liberia;
educate and train members in these arts and skills; encourage and promote research in accountancy and generally to determine and by Regulation, establish membership classes of the Institute;
conduct or provide for the conduct of qualifying professional examinations; supervise and regulate the engagement, training, pre-qualification program of student members of the Institute and continuing professional development of members as provided for in this Act;
Conduct appropriate Continuing Professional Development (CPD) programs and/or otherwise provide members with access to such programs;
specify the class of persons who shall be eligible to train student members of the Institute by way of theoretical and practical experience and to specify the circumstances in which any person of that class may be deprived of that privilege;
maintain and publish a register of Certified Public Accountants (with those in practice suitably distinguished from those not in practice) as well as appropriate registers of Accounting Technicians and other classes of membership of the Institute consistent with the provisions of this Act;
establish, promulgate, secure, maintain and enforce appropriate performance and ethical standards among members of the Institute; and to take such steps and measures as the Council may consider necessary or appropriate to acquaint such persons with the methods and practices necessary to achieve and maintain such standards;
secure the economic financial and social wellbeing as well as the intellectual advancement of members of the Institute;
maintain an appropriate library of books, periodicals, audio-visual paraphernalia, electronic documentation and files, etcetera and to encourage publication and widespread distribution of such materials;
encourage research in accounting, auditing, both in the private and public sectors of the Liberian economy and related fields; and generally to secure the wellbeing and advancement of the profession of accountancy, assurance engagements in general and auditing, in particular, as well as accounting-related consultancy in Liberia;
collaborate with and actively participate in the activities of the Association of Accountancy Bodies in West Africa (ABWA) or such other equivalent successor organization, of which the LICPA is a member, to promote the accounting profession in the West African Region; with the view that by so doing the Institute will be empowered to promote the accounting profession in Liberia;
similarly, collaborate with such continental accountancy body that either currently exists or may later come into being for the promotion of the profession of accounting on the African continent; as well as with the International Federation of Accountants (IFAC) or such other equivalent professional body that may hereafter come into being with the view that by so doing the Institute will be empowered to promote the accounting profession in Liberia;
Seek and maintain good relationship between the Institute and other relevant organizations within and outside Liberia and engage in alliances and partnership with such organizations where it is considered to be in the interest of the Institute;
Determine and levy fees for accreditation of local and foreign institutions;
Determine and levy fees payable by individual and member firms of the Institute;
Determine fees payable by individual members, member firms and Registered Practicing Accountants (RPAs) in practice for a quality control inspection and/or review carried out under authority of this Act;
to do any and all other things appropriate or necessary to advance the profession of accounting in relation to financial reporting in the private sector, public practice, industry, commerce and the public sector of Liberia.