..as association hosts 48th council’s inaugural gala
Moroke Sekoboto
THE new Lesotho Institute of Accountants (LIA) President, Mokheseng Mofolo, has committed to strengthening the credibility of accountants locally and globally while curbing financial fraud to protect the public interest.
Mr Mofolo also pledged to advance sustainability reporting and unite and collaborate, leveraging the existing Memorandum of Association (MOU) between the Lesotho Mounted Police Services (LMPS) and LIA, for the prosecution of rogue elements such as those practising accounting without being licensed.
“It is truly an honour to be addressed today as the President of LIA. I do not take lightly the responsibility that you have placed on me and my fellow council members to lead this noble profession – the accounting profession. I acknowledge that such a journey can only be travelled safely under the guidance and wisdom of the almighty God,” Mr Mofolo said.
“As I step into this role, I consider today not just as an inauguration, but as the first day of the next chapter dedicated to drive value, integrity, and impact.
“We, as the new 48th council, take the baton from those who paved the way, and we commit not only to continue their legacy, but also to innovate, to adapt, and to position our accounting profession in step with global developments,” Mr Mofolo said.
He indicated that their job is to create and build an environment of trust.
“We thrive through the trust people bestow on us and without it, this institution cannot exist. We can build higher levels of trust and confidence in the recorded transactions and financial reports,” Mofolo said.
“Accountants account; our role is to protect what is true and to separate truth from fiction. We are therefore the custodians of the truth; we help our clientele make decisions based on truth. Ladies and gentlemen, fellow accountants, the world around us is changing, and we must align with the changing environment,” Mr Mofolo said.
He added that the standards developed by the International Sustainability Standards Board (ISSB) may focus on reporting, but at their core, they call for responsible action.
He added that investors increasingly want to know what steps our organisations and the nation are taking to protect the environment and ensure sustainable growth.
“It now about accountability, transparency, and comparability. Only through credible and verifiable information can investors make informed decisions that will drive sustainable investment into Lesotho.
“As accountants, we must be at the forefront of environmental stewardship, advising our organisations and clients to act responsibly and to implement the issb standards effectively,” Mr Mosolo said.
He stressed that the tone must start from leadership, from those charged with governance and cascade throughout the organization. “I am proud to share that LIA has already taken decisive steps towards this goal through our recent virtual workshops and the extensive sustainability training held yesterday, and this is only the beginning. We invite all organisations and partners to join us financially, as we roll out and monitor the adoption of sustainability reporting frameworks,” Mr Mofolo said.
“Our theme for the year, ‘Charting Lesotho’s path to sustainability reporting,’ will guide our actions over this council year. I further believe that we can never be economically resilient if we do not help decision makers to be trustworthy. We need not ignore the important impacts of this noble profession, good practices, regulations, and laws of our country,”.
“We need to protect our profession with all our lives so that Lesotho, like many African states, would be economically sustainable. One of our aspirations in the presidential year is to heighten advocacy, collaboration, and communication,” Mr Mofolo said.
He pledged to improve communication with different stakeholders, members of the institute, the government, and other stakeholders. “Beyond the traditional visits and signing of MOUs, we will ensure that discussions and agreements reached with stakeholders are pursued for diligent implementation. The goal will be to strategically position the institute to contribute to enhancing and driving meaningful change and providing valuable insights to stakeholders,” he said.
He added that they will leverage the network of LIA members, past presidents, and stakeholders to impact government policies and initiatives.
“We will prioritize and sustain effective communication with the national assembly and the government of Lesotho. We will make a convincing case that our request for a constitutional amendment is for the good of the profession and the economy.”
He stated that the office of the Accountant General is one of the offices that they would be proud to see reaching the high reporting responsibilities similar to those of the Auditor General, in view of the recent 10th amendment.
“Former accountant general Ms Malehlohonolo Mahase, we are proud of you, for your service to have made us proud as accountants, having become the chairperson of Eastern Southern Association of Accountants General (ESAAG). As if this was not enough, she also became the first chairperson of the African Association of Accountants General (AAAG), the position she held until the end of her tenure as accountant general,” Mr Mofolo said.