2 Mins Read
Emmett Stages Glassco, President of the Senior Female Professionals Football Club, has launched a blistering critique of the Liberian Institute of Certified Public Accountants (LICPA), questioning its integrity and credibility.
Glassco’s concern stems from LICPA’s prolonged delay in releasing findings from an investigation into Gedei and Associates. This firm audited the Liberia Football Association (LFA) for the fiscal year 2022 following Glassco’s complaint on June 2, 2023.
“We identified a discrepancy of US$372,412.25 in income, as outlined by the LFA. However, the audited financial statements failed to include a US$56,866.67 sponsorship from Orange and misrepresented a US$319,045.00 loan from FIFA,” Glassco explained.
He continued, “Moreover, there was a US$319,040.00 disparity in expenditure, with the LFA attributing it to the FIFA loan. We are perplexed as to how such substantial expenditure eluded the auditor’s scrutiny, especially if conducted through the institution’s bank account.”
Glassco also raised concerns about undisclosed current liabilities totaling US$697,338.00, apart from the loan. Despite inquiries, the LFA referred them to the auditor, citing compliance with International Financial Reporting Standards (IFRS).
Expressing intent to escalate the matter to FIFA, Glassco urged LICPA to ensure accurate reporting before resorting to external avenues.
In response, LICPA Executive Director Hector J. Wuor assured Glassco of forwarding the complaint to the ethics and disciplinary committee for investigation.
“LICPA continues to probe Gedei eight months post-complaint, raising doubts about their integrity,” Glassco remarked. “LICPA, an institution renowned for integrity, has now cast doubt on its credibility.”
He questioned the delay in investigation and criticized LICPA’s failure to furnish vital information during the audit process.
Glassco asserted, “Gedei and LICPA are complicit in the corruption plaguing the LFA. We have lodged our grievances and will pursue the matter with FIFA. We have apprised the new auditors overseeing the LFA’s books ahead of the upcoming congress on March 30.”
The standoff underscores the importance of transparency and accountability in sports governance, with stakeholders like Glassco demanding swift and thorough investigations into alleged malpractices.
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