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Anxiety as FRC reviews financial statement of NNPC, banks

By Anthony Otaru, Abuja.
28 October 2021   |   4:10 am
The Financial Reporting Council (FRC) has embarked on a review exercise of financial statements across selected agencies such as the Nigerian National Petroleum Corporation ..

The Financial Reporting Council (FRC) has embarked on a review exercise of financial statements across selected agencies such as the Nigerian National Petroleum Corporation [NNPC], banks, Pension Fund Administrators as well as their custodians to ensure compliance with its Act no 6, 2011.

Executive Secretary of the council , Amb. Shuaibu Ahmed, disclosed this yesterday, while answering questions from journalists on current moves to enforce its laws across Ministries, departments and Agencies (MDAs), in Abuja.

Ahmed said the council remains despite the fact that some financial documents already seen are enmeshed in questionable financial wrongdoings, stressing that with the completion of the review, the council immediately wrote both the NNPC and other concerned agencies, as well as their auditors to furnish it with details of some infractions.

Ahmed noted that the council is expecting to get the management letters from the NNPC within the next one week after which the council will look at them and invite the party to appear before them to clear some of the infractions that have been noticed.

The FRC boss also explained that the Council has undertaken the review of financial statements of banks, pension fund administration and their custodians over the last couple of weeks and it’s ready to invite them for inspection meetings with their auditors.He noted that it is the only way to enhance the quality of financial reporting and make entities and individuals compliant with the Act.

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