‘Effective implementation of audit regulation will boost acceptance of Nigeria financial reports’
Financial Reporting Council of Nigeria (FRCN) has stated that effective implementation of Audit Regulation 2020 would boost the acceptance of Nigeria’s financial reporting in the global community.
At the stakeholders engagement of the audit regulation 2020 made up of representatives of various shareholders group, the council said the audit regulation is strategic for Nigeria’s quest to joining the league of global community that have effectively set up independent audit regulators
Speaking at the event, the Acting Executive Secretary and Chief Executive FRCN, Iheanyi Anyahara urged strict compliance on the regulation.
He pointed out that one of the critical concerns on the implementation of the audit regulations is the capacity.
To this effect, Anyahara said the council is currently discussing with development partners in this regard.
He also added that the council has received positive assurances from both local and international bodies to assist in the area of capacity building.
“Such will be extended to your association. This is an area your associations need to partner with the council to build the required capacity.
“This will orchestrate the need for a re-evaluation of remuneration structures; board level expertise and training; risk management, sustainability among others.
“With pandemic, this regulation providing increased transparency for investors and other stakeholders, are expected to be in high demand.
“However, assurance by independent qualified professionals to enhance the credibility of corporate reporting will need to be pursued with vigour by all affected professionals.
“Our engagement with members of shareholders association is strategic as we decided to use today’s exercise, to personally and specially request that your associations devote considerable time to consider the audit regulation for a meaningful and quality contribution towards effective implementation of the audit regulation,” he said.
The Founder, Independent Shareholders Association of Nigeria, Sir Sunny Nwosu urged the council to step up their engagement exercise and ensure that shareholders are involved in their preliminary stage to avoid future contentions.