Finance Minister Kerefa Kargbo Supports ICASL Push for Stronger Accounting Standards
Alusine Ahmed Kargbo Finance Minister Kerefa A. F. Kargbo has pledged continued government support for the Institute of Chartered Accountants in Sierra Leone (ICASL), including efforts to complete a long-awaited agreement between the two institutions.
Kargbo made the commitment Monday, Oct. 5, when the ICASL executive visited him at his office on George Street in Freetown.
The meeting brought together the ministry and the accounting body to discuss their working relationship and areas where they could cooperate more closely.
One of the main issues was the proposed Memorandum of Understanding between ICASL and the Ministry of Finance. ICASL President Leslie Williams asked the minister to help speed up the process so the agreement can be completed and signed.
Kargbo said he would follow up on the matter. He also said he would engage Financial Secretary Matthew Dingie and Accountant General Richard Williams, who are both members of ICASL.
The minister, himself a Fellow Chartered Accountant, also assured the institute that the government’s annual subvention would continue.
ICASL has also 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, saying this would help local accountants build their professional experience and capacity.
The institute is separately working to review its governing law, the ICASL Act. The proposed changes are intended to strengthen the institute’s mandate and ensure that Chartered Accountants practising in Sierra Leone are properly incorporated into the professional body.
Another request from ICASL was for the government to help the institute obtain a permanent office. Williams said a permanent facility would improve the institute’s operations and provide a better working environment for its members.
Kargbo said the government would support the institute’s efforts to secure a permanent structure.
Williams had earlier congratulated Kargbo on his appointment as finance minister and described his elevation as a source of pride for the accounting profession because of his connection to ICASL.
He also thanked the Ministry of Finance for its annual financial support to the institute, saying the subvention has helped ICASL carry out its activities.
The meeting comes as ICASL seeks to strengthen its institutional role and its relationship with the government on issues affecting the accounting profession and public financial management.