To strengthen Accounting Education, LICPA signs MOU With Bushrod College and Bomi College

In a bid to jumpstart the process of strengthening Accounting Education in the country, the Liberia Institute of Certified Public Accountants (LICPA) has signed two separate memoranda of understanding (MOU) with two of Liberia’s promising higher learning institutions. 

LICPA is the national Professional Accounting Organization (PAO) of Liberia. It originally came into being, in 1933, as The Institute of Certified Public Accountants of Liberia Limited, under authority of an Act of the National Legislature of Liberia in that year.

The MOU, which was signed between LICPA on one hand and the Bomi County Community College (BCCC) and the Bushrod College of Science and Technology (BCST), was announced at the weekend at the offices of LICPA in Congo Town on the outskirt of Monrovia. 

Speaking at the signing ceremony, the President of LICPA,  Victor S.K.B. Tanwone Sr., said the agreement is part of LICPA’s program as enshrined in its Act to strengthen accounting education in Liberia. 

According to him, as per the act of the LICPA, the organization (LICPA) is under obligation to help Liberia build standards in the accounting sector.

He said the initiative will help the beneficiaries (colleges) to strengthen their own accounting education within their colleges, stressing: “The idea is to ensure that Liberia is not left behind while others are going ahead.

Mr. Tanwone explained that under the professional academic partnership, LICPA will provide short-term training to instructors of the two beneficiaries to adequately run the program. 

However, he clarified that when it comes to examination and setting the question, it will be done by LICPA. 

The top Liberian Accountant asserted that LICPA will also make some provision in term of financing to cover the cost of logistics and other needs at the institutions (beneficiaries). 

Asked about plan for the expansion of the program, Mr. Tanwone narrated that institution (LICPA) is consultation with the Grand Bassa University (GBU) and Cuttington University (CU) as well as plan to engage other higher institutions for further expansion. 

“We are in consultation with the Grand Bassa University and Cuttington University. Next week our team will be going to Buchanan for further discussions. We are also talking to a good number of universities in Monrovia and outside of Monrovia, because Monrovia is not Liberia. We want send a word out to the other universities that we want to partner with you to strengthen your accounting education. Gone are the days when we were using accounting books of the 1940s and 1960s. We want to be competitive globally. In so doing, we want our students to benefit and to be competitive. We are going to provide text books and additional materials that will aid them in preparing for their examination,” he added. 

In remarks,  Emile T. Ross, Dean of the Business Department of BCCC, expressed great excitement over the deal, which he said in the right direction for academic excellence at the institution. 

“We are excited to have this. We have done the integration and renewed our syllable. Accounting education is vital to any nation and so being part of the professional body is an opportunity. We see this as a springboard to push further,” noted Ross.