Annual Iftar of LACPA

Monday, 21 July 2014

Abboud: The republic is in danger without its president, protector of its constitution

LACPA organized an Iftar at Phoenicia hotel attended by political and syndicate figures and representatives thereof.

The attendees featured Ali Ismail, representative of president Nabih Berri; Judge Maissam Nouairi, General Director of the Ministry of Justice, representative of President of the Council of Ministers Tammam Salam; Mr. Adnan Faqhani, representative of Presidents Saad El Hariri and Fouad Seniora; Elie Hanna, representative of the Head of the “Change and Reform” Parliamentary bloc, MP Michel Aoun; General Wehbe Katicha representative of the president of the “Lebanese Forces” party Samir Geagea; Head of the Press Federation Mohamad Baalbaki; and the Head of the Journalists Union Elias Aoun, as well as the heads of the economic and controlling bodies, head of the department of revenues and heads of the departments and services at the Ministry of Finance.   

Abboud delivered the address of LACPA whereas he welcomed the attendees and wished them a blessed fasting. “Upon the elapse of three months from the term of your Council which you gave your confidence, you may wonder how things are going in your association, since great hopes and stakes are linked to this LACPA council, for the development of our professional course as well as reaching our numerous goals”.   

“We have accomplished an annual professional training program aiming at consolidating the capacities of the CPA’s as well as IFRS and other specialized domains. We are about to launch technical professional certificates through the LACPA training institute, namely IFRS Diploma and ISA Certificate, pursuant to the collaboration protocol to be signed with ACCA, in addition to a certificate in managerial accounting sciences pursuant to the collaboration protocol to be signed with IMA. Training will start on the second half of next August, and such programs shall benefit to the CPA’s (members) and trainees in addition to the personnel of the control departments at the Ministry of Finance, and the personnel of the control commission on banks and the commission of control of insurance bodies and the special investigation body”.  

“As you know, we await you on July 31st to attend the event for launching such professional certificates, organized by LACPA under the patronage of the Lebanese Minister of Economy and Trade, Mr. Alain Hakim, in collaboration with the World Bank and in the presence of a representative thereof, whereas the protocols of cooperation and partnership will be signed with two leading professional international bodies, namely ACCA and IMA in Habtoor Hotel – Sin El Fil.  

“We are endeavouring to ensure the professional qualification of the LACPA members and their accurate implementation of the control works according to the laws, regulations and standards governing the internationally accredited auditing and review programs, through the control of performance, professionally known as the peer review, of which the procedures are determined in the special control program approved by LACPA, within its commitment to its membership in IFAC. Such program shall represent the goals of the commission supervising the peer review and which will be soon formed and a work program is being prepared for it, with the priority of submitting the work files of all LACPA members without any exception, whether as individuals or institutions, to review, and ensure their sound abidance by the determined regulations and the requirements of the IAS”.   

He declared that LACPA has taken steps in this regard in order to accomplish this professional file, by updating the two guides for quality control and peer review, issued in 2010, and establishing the commission supervising the quality control and peer review, composed of retired colleagues with expertise in this domain, and establishing bylaws for the supervising committee, which shall ensure its independence and objectivity, and coordinating with the World Bank in order to endure source for financing the cost of compliance in the implementation of such program and which are expected within the current year as well as launching the peer review program in our 19th international conference organized by LACPA in Phoenicia Hotel on November 26th and 27th and start specialized training sessions - for one year starting October of the present year – on the auditing procedures to be followed in the auditing file and the relevant working papers, proceed with the peer review and quality control by the end of next year, and solicit the assistance of our colleagues at the Arab Federation for Accountants and Auditors (AFAA)”.    

He also confirmed that such shall ensure the sound course of work and contribute to the verification of the financial statements established by all enterprises, as the major source for statistical data for the establishment of successful projects in the private and public sectors”. 

“We have started the activation of the cooperation protocol concluded between LACPA and the Ministry of Finance, through establishing practical frameworks and means, including the establishment of specialized committees from both parties which shall endeavour to exchange information, expertise and professional viewpoints regarding the regulations and procedures established by the Ministry and which are relevant to LACPA and its members, as well as taxpayers in general, and hold seminars in this regard. Such was performed through seminars held during last month at the LACPA headquarters in Tripoli, Saida, and Zahle regarding the addition of accounts to the added value for the professional gatherings and seminars.

“We have started consolidating the cooperation between LACPA and the committee for control on banks for the complementary roles of common control, especially on the industry of exchange and financial enterprises. Indeed specialized joint seminars in LACPA and Saida and Zahle of which CPA’s in Lebanon benefitted, regarding the requirements of circulars issued by the Central Bank (Banque Du Liban) and the committee of control on banks regarding the sector of exchange and auditing risks relevant to such sector. We are about to conduct a workshop organized by LACPA with the Special Investigation Commission in addition to the Bank Association regarding the measures for fighting money laundering, within the first half of the upcoming December. Tomorrow we will be meeting with the head of the commission of control of the insurance bodies, Mr. Walid Janadri, in order to establish a mechanism of cooperation between LACPA and the commission”.     

He also mentioned that LACPA has proceeded with the computerization project in order to update all services and facilitate communication with the members, with a high productivity and quality through establishing a modern website linked to LACPA’s data centre and benefit from the access to many electronic windows allocated for members within the said website, in order to benefit from scientific research in many domains and it shall be activated within a maximum period of four months”. 

He stated that “I am currently working with the committee of legal affairs, of which I had the honour to be a member before being elected as president, on accomplishing the project for amending the law organizing the profession, and which will be accomplished, if God wills, with a three-month maximum period so we could have a modern professional law which will fulfil our ambitions and requirements”.

“CPA’s may not be pursued due to an act resulting due to or during the practice of the profession, except upon a resolution from the LACPA Council allowing such pursuit, unless the act resulted from failure, negligence or violation of the rules for practicing the profession. The LACPA Council shall be entitled to assess the failure, negligence or violation pursuant to the opinion of a professional commission delegated by the Council. It is the long awaited professional immunity”.   

He concluded by addressing the MP’s, specifically the representatives of the heads of the parliamentary blocs who are attending the Iftar, calling upon them to assume their historical responsibility before God, the nation and the people in order to exercise their right to elect a president for the country stating “if the extension or renewal impairs democracy and its principles, namely the basic principle of election in order to alternate power, refrainment from such is a slap to democracy. Any syndicate or association or council thereof without a president ensuring its interests and affairs resembles a stray ship without a skipper. A republic without its president and protector of its constitution faces full risks”.