Launching professional diplomas and Signing MOUS with ACCA & IMA

Thursday, 31 July 2014

LACPA launches, under the patronage of Hakim, the Institute of Training and professional auditing according to the international standards

 

The Lebanese Association of Certified Public Accountants (LACPA) has launched, in collaboration with the World Bank, through its training institute, under the patronage of the Minister of Economy and Commerce Alain Hakim, represented by his consultant for economic affairs Jassem Ajjaka, professional certificates issued by international professional bodies, namely: the Association of Chartered Certified Accountants (ACAA), and the Institute of Management Accountants (IMA), whereas protocols of collaboration were signed between LACPA and both bodies, within the ceremony organized by LACPA in collaboration with the World Bank at the Habtoor Hotel – Sin El Fil.      

The event was attended by economic and political personalities as well as controlling and financial bodies, including Hisham Wali, head of the Financial Unit at the World Bank,  representing the Bank, Stuart Dunlop, regional manager of the ACCA, Jim Pichowsky, Vice president and Director of the International Operations of the Accounting Management Institute, as well as MP Jean Oghassabian, the former Minister Nicolas Sehnaoui representing General Michel Aoun, as well as the president of LACPA, Elie Abboud, and its Board of Administration.  

In his speech, President Abboud stated the following: “Despite the tough circumstances and the sad era which our region is witnessing, we called for a professional revolution featuring the factors of renewal and development in the domain of the professional training, starting through this event, “Advance and Evolve”. Given the fact that the alphabet is a shining landmark in the History of Humanity, and in the light of the globalization era and its economic and financial impacts, as well as the required alphabet in order to establish one unified language for preparing the financial statements and the auditing procedures to be followed by the auditing officials. Such unified language refers to the International Financial Reporting Standards (IFRS) and the International Auditing Standards (IAS).

 “Since Lebanon is considered a pioneer in the region as per the implementation of such standards,  LACPA announces today, through its training institution, the launching of specialized professional training programs, in collaboration with pioneering international professional bodies in order to remain updated on the latest technologies and know-how, hence benefit from specialized professional diplomas issued by such bodies, mainly the Cert IA and the DipIFR regarding the Management IFRS, through the two collaboration protocols which will be signed today during this event, between LACPA, IMA and ACCA.

“Such programs shall benefit to the CPA’s and trainees in Lebanon as well as the personnel of the control services at the Ministry of Finance, and personnel of the Banking Control Commission, and the Insurance Control Commission, and the special investigation commission”. 

“Before concluding, please allow me to take this opportunity, with the presence of the Mr. Hisham Wali, representative of the World Bank, to confirm the commitment of the LACPA council to the implementation of the quality control program and peer review in order to confirm the professional qualification of the LACPA members, and their implementation of their auditing activities which they are performing accurately according to the laws and standards which govern the internationally accredited auditing and review programs”.

Moreover, he reiterated that “the implementation of such program is not only by virtue of our commitment to the membership of the IFAC, but is rather based on our belief in its importance for the development of the profession and reaching the verification of the well-functioning of the auditing works, hence featuring the justice of the financial statements, given the interest it represents for the Lebanese economy. It is indeed a national interest”. 

“LACPA has proceeded with practical measures 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 Quality Control Supervisory Commission and peer review, composed of colleagues who enjoy 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. Moreover we shall launch 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 November 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)”.    

Abboud concluded by extending gratitude to Hakim, Wali, Pichowsky and Dunlop, as well as the event sponsors and the attendees, commenting “Many efforts and hard work await us at LACPA in order to proceed with such training programs starting the mid-next month. We shall hopefully meet again in other professional events”.

Jassem Ajjaka, representative of the Minister of Economy and Trade delivered a speech on behalf of the event sponsor where he underlined “The importance of the professional accounting as a business language, given the fact that it complicates the financial operations of the companies, and represents a guiding force for soundly managing the corporate decisions. Moreover, accounting helps the company to draw an advanced future plan”. 

He also considered that “the international certificates and diplomas are starting to take an actual position on the field in Lebanon, whereas they are gradually growing and forming a vital element, given the fact that works in Lebanon are getting compliant to international standards and criteria, i.e. in the field of journalism, or regarding the usage of international standards for accounting auditing which develop the functioning of the company”.  

He also reiterated “the importance of implementing a new vision to protect customers in applications relevant to the accounts, whereas such develops the client service”.

As a conclusion he stated that “such certificates and diplomas will consolidate the international credibility of business in Lebanon and personnel, especially in the present age of globalization, which encourages the development and consolidation of investments in the country and the commercial activity therein”.   

At the end he wished “to establish a successful and clear partnership, provided that such partnership agreements would become a policy to be followed in the future and be dealt on this basis. Jim Pichowsky underlined the “international standards as per control and auditing” and saluted the work of LACPA in this regard, and appreciated the new training institute launched today and which “will have many effects and benefits for the trainees while practicing their future control missions”.  

Stuart Dunlop praised in his speech “the collaboration of ACCA and LACPA which deploys the maximum endeavours to consolidate the control and reinforce the accounting auditing which should be imposed in enterprises and companies, in order to fight all types of fiscal fraud and evasion”.   

Hisham Wali, head of the financial unit in the World Bank, addressed the Bank speech and mentioned the control procedures and the “accounting auditing works and the international standards to be followed”, whereas he praised “the endeavours of LACPA, which consolidated the opportunities of collaboration between us, since LACPA looks forward to reach the highest levels of its CPA’s regarding auditing for the success of the controlling works”.   

Then two partnership agreements between LACPA, ACCA and IMA and agreements were exchanged.

AttachmentSize
PDF icon Memorandum ACCA.pdf1.2 MB
PDF icon Memorandum ima.pdf1.24 MB