On October 5, Finance Minister Kerefa A. F. Kargbo met with the Institute of Chartered Accountants in Sierra Leone (ICASL) executive to discuss their working relationship and areas for closer cooperation. The meeting, held at the Ministry of Finance on George Street in Freetown, aimed to strengthen the partnership between the ministry and ICASL. Kargbo, a Fellow Chartered Accountant, expressed his commitment to supporting ICASL's initiatives.
One of the main issues discussed was the proposed Memorandum of Understanding (MoU) between ICASL and the Ministry of Finance. ICASL President Leslie Williams requested the minister's assistance in expediting the process to complete and sign the agreement. Kargbo assured Williams that he would follow up on the matter and engage Financial Secretary Matthew Dingie and Accountant General Richard Williams, both ICASL members.
Kargbo also confirmed that the government's annual subvention to ICASL would continue. The minister's assurance came as ICASL seeks to review its governing law, the ICASL Act, to strengthen its mandate and incorporate Chartered Accountants practising in Sierra Leone into the professional body. The proposed changes aim to enhance the institute's role and effectiveness.
ICASL has raised concerns about the limited involvement of local audit firms in donor-funded projects. Williams called for more opportunities for Sierra Leonean firms to audit such projects, which would help local accountants build their professional experience and capacity. Kargbo's support for ICASL's efforts is seen as a positive step towards addressing these concerns.
The institute also requested the government's assistance in securing a permanent office. Williams stated that a permanent facility would improve ICASL's operations and provide a better working environment for its members. Kargbo pledged the government's support for the institute's efforts to obtain a permanent structure.
During the meeting, Williams congratulated Kargbo on his appointment as finance minister, citing his connection to ICASL as a source of pride for the accounting profession. He also expressed gratitude for the Ministry of Finance's annual financial support to ICASL, which has enabled the institute to carry out its activities.
The meeting between ICASL and the Ministry of Finance reflects the institute's efforts to strengthen its institutional role and relationship with the government on issues affecting the accounting profession and public financial management. The collaboration aims to promote a more robust and effective accounting system in Sierra Leone.
Key points
- Finance Minister Kerefa Kargbo pledges support for ICASL's efforts to strengthen accounting standards.
- ICASL seeks to review its governing law to enhance its mandate and incorporate Chartered Accountants practising in Sierra Leone.
- The government will continue to provide annual financial support to ICASL.
