The World Bank Report No: ISR16004 Implementation Status & Results Liberia Strengthening Accountancy Prog at the University of Liberia (P126907) Public Disclosure Copy Operation Name: Strengthening Accountancy Prog at the University of Liberia Project Stage: Implementation Seq.No: 2 Status: ARCHIVED Archive Date: 14-Sep-2014 (P126907) Country: Liberia Approval FY: 2012 Product Line: Institutional Development Fund Region: AFRICA Lending Instrument: Implementing Agency(ies): Key Dates Board Approval Date 29-Mar-2012 Original Closing Date 29-Jun-2015 Planned Mid Term Review Date Last Archived ISR Date 01-Aug-2013 Effectiveness Date 29-Jun-2012 Revised Closing Date 29-Jun-2015 Actual Mid Term Review Date Project Development Objectives Project Development Objective (from IDF Proposal) To upgrade the Accountancy program of the University of Liberia to meet international Education standards through: (i) revamping its undergraduate and graduate degree curriculums; and (ii) improving the quality of teaching by strengthening faculty capacity through accreditation and knowledge exchange. This will be accomplished by building the institutional capacity of the accounting department to deliver on its mandate, and twinning the University of Liberia#s Accountancy Department with the Accountancy Department of an internationally recognized university with a strong accountancy program. Out of the seven Universities and Polytechnics in Liberia (see table below), the University of Liberia is the only government owned university that offers an Accountancy program. Being thepremier and only government university in Liberia offering an accountancy program, the University of Liberia is being targeted through this grant to support the creation of a center of excellence in accountancy education in the country. A strengthened UL accountancy education program could serve as a model for emulation by other privately owned tertiary institutions offering accountancy degree programs in Liberia. Name of University ;Offering Accountancy Program? (Y/N); Ownership University of Liberia; Y ; Government William V. S. Tubman University; N ; Government African Methodist Episcopal University; Y ; Private African MethodistEpiscopal Zion University; Y ; Private Cuttington University; Y ; Private Public Disclosure Copy United Methodist University; Y ; Private Stalla Maries Polytechnic; Y ; Private Has the Project Development Objective been changed since Board Approval of the Project? Yes No Page 1 of 4 The World Bank Report No: ISR16004 Component(s) Component Name Component Cost Developing internationally comparable undergraduate and graduate accounting program 95850.00 Public Disclosure Copy Strengthening the capacity of the accounting faculty 224350.00 Strengthening the Institutional capacity of the Accounting Department 137300.00 Project management and audit 8500.00 Overall Ratings Previous Rating Current Rating Progress towards achievement of PDO Satisfactory Satisfactory Overall Implementation Progress (IP) Moderately Satisfactory Moderately Satisfactory Overall Risk Rating Substantial Substantial Implementation Status Overview After significant delays resulting from the inability to select a twining partner through an ICB procurement process, the William Davidson Institute at the University of Michigan was eventually selected on a sole source basis in August 2013. Implementation of the core components of the project have progressed since then, albeit at a slow pace. Key progress areas have included: completion of the student Computer Lab (with 25 computers fully configured with Quick Books Software); institution of a faculty exchange program with The University of Michigan for faculty training; workshops held on teaching techniques and case study development and use in teaching, review of the accountancy program curriculum and the presentation of a revised curriculum to the University of Liberia. Although the faculty certification program has started with four faculty members initially enrolled in the certification programs of the Ghana Institute of Chartered Accountancy (2 faculty members enrolled) and the American Institute of Certified Public Accountants (2 faculty members enrolled), only one faculty member has passed one part of the CPA exams so far. The remaining three are yet to sit for any part of the exams. This critical time-bound deliverable has been brought to the attention of the leadership of the Business College for their immediate action in encouraging the relevant faculty members to sit for the exams. Other activities that have yet to see traction in implementation include: the development and operationalization of the student internship program for accounting students; development of a strategy to attract and retain full-time accounting faculty; establishment of an arrangement for the supply of accounting text books for students and teaching manuals for faculty and upgrade of the Accountancy Department Library. New time lines have been agreed for these deliverables and will be closely monitored by the Bank team for compliance. The team however, recognizes that the recent Ebola outbreak in Liberia may negatively impact the timely completion of some of these activities since the University of Michigan officials may not be able to visit Liberia until conditions on the ground improve. Locations Public Disclosure Copy No Location data has been entered Results Indicators Page 2 of 4 The World Bank Report No: ISR16004 Indicator Name Core Unit of Measure Baseline Current End Target Developing a faculty exchange program Text Value No faculty exchange program A sustainable faculty exchange program designed Public Disclosure Copy and implemented Date 29-Jun-2012 18-Aug-2014 30-Jun-2014 Comments The faculty exchange program has been established. A revised accountancy program that Text Value At present, the accounting The IFAC Member Body incorporates IFRS, ISA, IPSAS and IAES curriculum does not include Compliance program will be practical aspects of the asked to assess the new accounting profession such program's compliance with IFRS, IPSAS, ISA and IAES the IFAC's IAES requirements withrespect to compliance with international standards on accountancy education. Date 29-Jun-2012 18-Aug-2014 29-Jun-2015 Comments UL Accountancy program has The final curriculum will be been reviewed and a revised submitted to IFAC for review curriculum has been submitted to the Business College for review and comments. Setting up of a computer lab for students. Text Value No computer lab. A functioning Computer Lab Date 29-Jun-2012 18-Aug-2014 30-Jun-2013 Comments The computer lab has been set up. Developing an internship program Text Value No internship program A sustainable internship program with government and private sector support developed and implemented. Public Disclosure Copy Date 29-Jun-2012 18-Aug-2014 30-Jun-2014 Comments This has been delayed. Progress is expected in the next review with the new time lines agreed upon between UL and University of Michigan Data on Financial Performance (as of 23-Jul-2014) Financial Agreement(s) Key Dates Page 3 of 4 The World Bank Report No: ISR16004 Project Ln/Cr/Tf Status Approval Date Signing Date Effectiveness Date Original Closing Date Revised Closing Date P126907 TF-12494 Effective 29-Jun-2012 29-Jun-2012 29-Jun-2012 29-Jun-2015 29-Jun-2015 Disbursements Public Disclosure Copy Project Ln/Cr/Tf Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P126907 TF-12494 Effective USD 0.47 0.47 0.00 0.47 0.00 100.00 Disbursement Graph Key Decisions Regarding Implementation None Public Disclosure Copy Restructuring History There has been no restructuring to date. Related Projects There are no related projects. Page 4 of 4