Under the supervision of the Ministry of Finance,
the Accounting Council is mandated by the Accounting Law to act as technical advisor, carrying out specific research on accounting standards and other related regulations.
However, the Accounting Council meets irregularly and does not have a full-time staff.
The Accounting Council lacks any capacity to act in an effective oversight role.
The 12 person Accounting Council is led by its current president who is an ex officio Vice Minister of the MOF.
The LICPA, Chamber of Commerce, and a commercial bank
are represented on the Council along with other members from various government departments and the public sector