Liberia to strengthen financial accountability

May 20, 2013

The Liberia Institute of Certified Public Accountants (LICPA) and the Institute of Chartered Accountants Ghana (ICAG) have entered into a partnership, which will help strengthen the financial sector in the country, a World Bank official has revealed.

The Liberia Institute of Certified Public Accountants (LICPA) and the Institute of Chartered Accountants Ghana (ICAG) have entered
into
a partnership, which will help strengthen the financial sector in the country, a World Bank official has revealed.

"As Liberia's economy continue to expand and opportunities for private sector-led growth are increasing, there is a clear need for a strong accountancy institution to help improve the quality of financial reporting through effective regulations of accountancy and other practices in the financial sector.",
,"
Renaud Seligmann said during the launch of the partnership
last weekend.

He added that the private and financial sectors rely on financial information to make investment decisions and that such information must meet international accountant and hosting standards in order to provide comfort on its reliability, Heritage newspaper reports.

According to him, strengthening the financial LICPA capacity will enhance trust in financial information and attract high quality and strong investment to Liberia.

The World Bank has provided Liberia with both financial and technical support in recent year to strengthen economic and public sector governance, including an €8.1 million investment granted in 2010.

The country is presently undergoing a rebuilding process after suffering a civil war between 1990 and 2003.ADNFCR-2976-ID-801586791-ADNFCR