Mphaka new head of accountancy body
THE newly-appointed President of the Lesotho Institute of Accountants (LIA) Moahloli Mphaka says the accounting profession has evolved from just being about numbers to a whole new level that demands transforming the figures into integrated thinking that is critical in solving socio-economic challenges.
His appointment was officially unveiled at an evening gala ceremony held in Maseru last Friday alongside new LIA council members. Mr Mphaka is also the Government Secretary in the current coalition government.
Speaking at the ceremony, he said much was expected from the accountancy profession in fighting fraud and corruption, which would go a long way to end hunger, poverty and unemployment, among other challenges.
Mr Mphaka’s appointment to the position followed last month’s annual general meeting where new council members were elected. The council then appointed Mr Mphaka who is deputized by Mr Robert Likhang, former chief executive officer for the Basotho Enterprises Development Corporation (BEDCO). Mr Mphaka succeeds former president Thuso Pitso.
Established by the Accountants Act of 1977, LIA is a professional accountancy body which regulates the accountancy practice in Lesotho. Its mission is to develop, enhance and effectively regulate the accounting profession in Lesotho through provision of internationally recognized education and training programmes, as well as ensuring compliance.
“Today as accountants we are no longer known only as number crunchers who debit and credit, deduct, multiply and divide. We have moved into integrated thinking, which lead us to what we call integrated reporting. We are no longer only focusing on the financial matters but we also report on environmental issues, and how the figures we deal with impact on many other sectors in our society,” Mr Mphaka said.
He paid homage to the past and in-coming management of LIA for sustained activities demonstrated over the past 40 years of its existence.
“We celebrate yet another milestone in our history as the institution inaugurates a new council that will guide the profession for the next 12 months,” he said.
“It is imperative to note that for the economic growth to be accelerated, it is important to have both political and security stability. It is also important to understand that the economy has to be driven by the private sector, either locally, regionally or internationally as Lesotho is part of the global village.”
He added, however, that the Government of Lesotho should provide a sound platform where the economy can develop and flourish.
“This profession is a crucial catalyst for accountability in reporting and in our fight against corruption and fraud. These ills erode a large portion of our national and financial resources,” he said.
Also speaking at the function, former LIA President, Mr Lerata Pekane who is also the current Principal Secretary in the Ministry of Small Business Development, Cooperatives and Marketing, said the testament for the emerging importance of accountants can be witnessed in holding high public positions.
Some of the public servants who are accountants include Trade Minister, Mr Tefo Mapesela; Water Affairs Minister, Mr Samonyane Ntsekele; Ministry of Mining Principal Secretary, Mr Soaile Mochaba; and Mr Pekane.
“We as accountants have seen the need beyond just the profession, which is to demonstrate that we are more than just about numbers. We are also about leadership, community development, cooperate citizenship and governance, just to mention a few attributes.
“I need to celebrate how the profession is uniquely influencing decision making across the board. Once you start seeing professional accountants in senior positions you then realise that this profession is largely about decision making and strategic thinking.”