Abstract:

The study has evaluated the role Professional Accountant Firms play in the Liberian market and to understand the strategic tools used in implementing financial statement Audits [1]. A deductive approach was adopted, and information was collected from thirty respondents via Unstructured face-to-face interviews. Purposive sampling was engaged as this technique aided the cognizant arrangement of targeted respondents (Audit Associates, Staff Auditors, Semi Senior Auditors, Senior Auditors, Asst. Audit managers, Audit Managers, and Audit Partners). The findings show that Professional Accountant Firms in Liberia play a positive and significant role in the Liberian market. Professional Accountant Firms make great contributions in keeping Liberian businesses at full compliant with international financial reporting standards, legal and regulatory requirements, and their own policies and procedures. It is recommended that to be more efficient, Liberian businesses should embrace the role Professional Accountant Firms play within the Liberian market. It is concluded that the Liberia Institute of certified Public Accountants (LICPA) should strengthen, trained, and Licensed all Professional Accountant Firms to meet the growing need of the Professional Accounting industry in the Country.

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