Accountants’ board finally sworn in

National, Normal

The National,Friday 09th December 2011

UPNG journalism student

ACCOUNTANTS can now be regulated after members of the Accountants Registration Board were finally sworn into office on Wednesday, four years after they were appointed.
The board members consist of registered practising accountants and academics.
Nine of the 16 board members were sworn in at the Auditor-General’s Office following their endorsement in 2008 by the Certified Practicing Accountants (CPA) body.
Acting registrar in the auditor-general’s office, Richard Baim, said the board had not been in operation since 2008 because of instability, which saw the minister in charge of the auditor-general’s office and assisting the prime minister being replaced four times by the previous government.
Baim said that made it difficult to swear in the members endorsed by CPA.
Recently appointed board chairman Philip Nauga said his intention was to make sure all appropriate registers were updated, illegal professional practices in the country were fully investigated, having appropriate laws firmed and to review the Accountant’s Act of 1999 to make it more relevant for the profession in the country. 
State Minister Assisting the Prime Minister Wake Goi said it was of paramount importance that the accounting profession was guided by principles, rules, a code of conduct and ethics.
He said it was vital to have a board in place to regulate the profession locally to ensure there was financial accountability in the public and private sectors and to ensure accountability and transparency.
“As a regulatory body, the board’s function is to regulate accountancy practices covering registered public accountants, registered company auditors and registered liquidators,” Goi said.
He said the auditor-general’s office and other line agencies needed to help in eradicating widespread corruption in the country which had seen the country named as one of the most corrupt countries in the world.
Baim said the remaining seven members would be sworn in at a later date.