‘FRC sustains reforms in financial reporting’

The Financial Reporting Council of Nigeria (FRC), yesterday, took a step further in ensuring that sanity is maintained among finance professionals who handle financial reporting in the country, with an initiative that looks like the popular “Know-Your-Customer” in the banking sector.

The move, which would enthrone responsibility and check quackery, would also ensure that government, individuals and corporates constantly verify professional accountants and others engaged in financial reporting in the country.It would be recalled that You recall that on January 15, 2019, the council unveiled the Nigerian Code of Corporate Governance (NCCG) 2018.

The Executive Secretary, FRC, Daniel Asapokhai, said the coming of the portal is a confirmation of the importance the council attaches to professionals in line with our statutory mandate in FRC Act 2011, Section 8 (f) to “maintain a register of professional accountants and other professionals engaged in financial reporting”.

According to him, the effectiveness of the work at FRC shows in the actions everyone takes or fails to take in roles as executive involved in governance of different public and private corporations and the preparation of multiple sets of books, in roles as professional accountants or other professionals that are involved in financial reporting process.

“We encourage all professional accountants and other professionals involved in the financial reporting process to leverage the new registration portal to ensure that their name appears in the register of professionals and for the general public to use the online register to confirm that the professionals they engage or deal with, are registered with the FRC.

“We further request that you constantly verify on this portal, the FRC registration numbers of professional accountants and other professionals engaged in financial reporting,” he said.

He noted that the council is the regulatory agency of the Federal Government that promotes trade and investment in Nigeria by ensuring high standards of financial reporting and corporate governance.The council, according to him, also promotes education, research and training in the fields of accounting, auditing, financial reporting and corporate governance, as enshrined in the Act.

“The unveiling of the new individual registration portal is a continuation of the council’s effort to achieve her mandates through a friendlier, responsive and cost-saving process that makes it easier to do business with government.“The new individual registration portal, as we shall be realizing shortly, enables registration with the council at the comfort of office, home or indeed anywhere Internet is available without a physical visit to our offices. Furthermore, it reduces the registration process period to the barest minimum.

“With the new individual registration portal, we expect to issue registration numbers within 48 hours after success completion of the online registration process,” he added.

The FRC boss also explained that to deliver the agency’s mandate, they perform three broad functions- set standards, monitor compliance with those standards and enforce compliance with standard.For him, that involves carefully monitoring local and international development and assess their importance and relevance to Nigeria.It is also working to influence international accounting and auditing standard by promoting qualified Nigerians for appointment into relevant international boards and generally, staying involved with the global financial reporting regulatory agenda.