The World Bank Report No: ISR10675 Implementation Status & Results Liberia The Liberian Institute of Certified Public Accountants (LICPA) (P119435) Public Disclosure Copy Operation Name: The Liberian Institute of Certified Public Accountants (LICPA) Project Stage: Implementation Seq.No: 3 Status: ARCHIVED Archive Date: 08-Jun-2013 (P119435) Country: Liberia Approval FY: 2010 Product Line: Institutional Development Fund Region: AFRICA Lending Instrument: Implementing Agency(ies): Liberia Institute of Certified Public Accountants (LICPA) Key Dates Board Approval Date 30-Apr-2010 Original Closing Date 06-Dec-2013 Planned Mid Term Review Date Last Archived ISR Date 30-May-2012 Effectiveness Date 05-Jul-2011 Revised Closing Date 06-Dec-2013 Actual Mid Term Review Date Project Development Objectives Project Development Objective (from IDF Proposal) The objective of the grant is to transform and empower LICPA by building its capacity to be able to educate, train and regulate the accountancy profession in Liberia. The overall expected outcome is improved transparency and accountability in both the private and public sectors through better financial reporting and oversight arrangements. This will also build trust and confidence in the accountancy profession by the public. Has the Project Development Objective been changed since Board Approval of the Project? Yes No Component(s) Component Name Component Cost COMPONENT 1: Institutional Transformation of LICPA 131900.00 COMPONENT 2: Support for implementation of international accounting and auditing standards and 114650.00 training COMPONENT 3: Professionalization of the Accountancy Profession 209100.00 Public Disclosure Copy Professionalization of the Accountancy Profession COMPONENT 4: Project Management and Audit 7500.00 Project Management Overall Ratings Previous Rating Current Rating Progress towards achievement of PDO Moderately Unsatisfactory Moderately Satisfactory Overall Implementation Progress (IP) Unsatisfactory Moderately Satisfactory Page 1 of 3 The World Bank Report No: ISR10675 Previous Rating Current Rating Overall Risk Rating Substantial Public Disclosure Copy Implementation Status Overview The LICPA has now selected the Institute of Chartered Accountants, Ghana (ICAG) as twining partner. The twining partnership became effective in April 2013. The LICPA and the Bank have agreed on an action plan to accelerate implementation of the core capacity building activities, which were hitherto delayed due to the inability to select a suitable twining parter, envisaged under the project. Locations No Location data has been entered Results Indicators Indicator Name Core Unit of Measure Baseline Current End Target Number of Continuous Professional Text Value No CPD events One CPD event has been Two CPD events Development (CPD) events organized by held. The twining parter, LICPA ICAG, will help LICPA hold the second event by the end of 2013. Date 31-Dec-2009 19-May-2013 06-Dec-2013 Comments Number of Professional Accountants registered Number Value 18.00 28.00 40.00 with LICPA Date 06-Dec-2011 19-May-2013 06-Dec-2013 Comments Percentage of audits that meet International Percentage Value 0.00 0.00 75.00 Standards on Auditing (ISA) in three targeted Date 06-Dec-2011 06-Dec-2013 audit firms for Quality Assurance Review Comments No Quality Assurance Review The twining partner will assist mechanism in place with this activity. Public Disclosure Copy Data on Financial Performance (as of 23-May-2013) Financial Agreement(s) Key Dates Project Ln/Cr/Tf Status Approval Date Signing Date Effectiveness Date Original Closing Date Revised Closing Date P119435 TF-97529 Effective 06-Dec-2010 06-Dec-2010 05-Jul-2011 06-Dec-2013 06-Dec-2013 Disbursements Project Ln/Cr/Tf Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed Page 2 of 3 The World Bank Report No: ISR10675 P119435 TF-97529 Effective USD 0.46 0.46 0.00 0.24 0.23 51.00 Disbursement Graph Public Disclosure Copy Key Decisions Regarding Implementation There is the need to extend the closing date of the project by one additional year due to the delay in selecting the twining partner. The project is originally scheduled to close on December 6, 2013. Since the twining partnership is a for a duration of 18 months, the closing date extension is critical to ensure the achievement of project development objectives. Restructuring History There has been no restructuring to date. Related Projects Public Disclosure Copy There are no related projects. Page 3 of 3