Home Economy LICPA Backs Authenticity of Wolokolie’s CPA Credential

LICPA Backs Authenticity of Wolokolie’s CPA Credential

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By: Varney Dukuly

MONROVIA: The Liberia Institute of Certified Public Accountants (LICPA), has categorically dismissed claim by activist Martin Kollie that Liberia Revenue Authority (LRA) head designate, Samora P.Z. Wolokolie, did not meet the academic credential to be a Certified Public Accountant (CPA), as conferred on him by the LICPA.

Mr. Wolokollie who was recently appointed by President George Manneh Weah has suffered two setbacks in his confirmation due to ongoing protest action on Capitol Hill, coupled with allegations by activist Martin Kollie that he possesses fake credentials.

“The overarching objectives of the Institute are, and shall be to represent, promote and regulate the accountancy profession in Liberia, in the public interest,” LICPA said in a formal statement.

In addition to the LICPA objectives is to set, monitor and enforce accounting, auditing, other assurance, education, ethics and other professional standards of general and specific application in Liberia.

Despite Kollie’s claims, the LICPA says it provides licenses to qualified individuals and firms to engage in public accounting in Liberia; and supervises the conduct of all persons, firms and individuals, who engage in public accountancy in Liberia.

Addressing a news conference Monday in Monrovia, the President of Liberia Institute of Certified Public Accountants, Victor Tanwone said, the LICPA has the authority in keeping with its ACT to award CPA paper contrary to Kollie’s allegations.
“What Mr. Kollie don’t know and understand is, the LICPA is not an academic but Professional Accountancy Organization (PAO) that legally engages in training (education as listed in part 3, section 7, count 1 of the objectives) of the Institute, as empowered by the National Legislature and enshrined in the Act creating the Institute,” said Victor Tanwone.

As a regulatory body, backed by an Act of the Legislature, the Liberia Institute of Certified Public Accountants stated that it has no doubt in the ability of Samora Wolokolie to head the Liberia Revenue Authority.

At the same time, Mr. Tanmwone called on the Legislature to consider nominee Wolokolie for the Revenue House.
Activist Kollie accused the LICPA of having no authority to grant/award any CPA but section 14, subsection 2 (ai), of the LICPA Act captioned “Certified Public Accountants (CPAs)”states that An individual who completes the professional education requirements prescribed by the Council, passes the appropriate qualifying professional examinations for CPA membership of the Institute, which is conducted by the Council under this Act, and completes practical training of such description and for such period as the Council may prescribe.

“By virtue of this provision enshrined in the LICPA Act, the Institute has the authority to grant/award the CPA designation on anyone who meets the requirements for such designation,” said LICPA President Tanwone.

He asked: “How then can Mr. Kollie claim that the LICPA does not have such authority?”

Activist Martin Kollie, in his write-up, aimed at informing the Liberian Senate to reject President Weah’s nominee Wolokolie from heading the Liberia Revenue Authority. He claims that based on a research he conducted, the ICAG and LICPA are not recognized in most countries.

To this, the Liberia Institute for Certified Public Accountants said, a PAO’s recognition is granted and honored globally if that PAO applies for membership with the International Federation of Accountants (IFAC), (the global regulatory body of the accountancy profession), is vetted, and meets all the requirements appertaining to membership and is admitted into the membership of the global body, IFAC.

Tanwone: “The LICPA and ICAG are members of IFAC and in good standing and sits on the Council of IFAC as Council members as of the date of this press release.”

Tanwone: “Again, I ask Mr. Kollie, can any PAO that is not recognized globally sit on the Council of the global regulatory body?”

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