The Financial Reporting Council of Nigeria (FRC) said it has suspended one Abel Onyeke, an engagement partner of Nexia Agbo Abel & Co for three months.
According to the Council, the sanction is necessary owing to Onyeke’s failure to exercise adequate professional scepticism and due diligence.
A statement by the regulator read: “The Council, after the review of one of the Public Interest Entity (PIE) clients of Nexia Agbo Abel & Co., hereby suspends Mr. Abel A. Onyeke, the engagement partner of the reporting entity for an initial period of three months effective from 1st of June 2024.
“Mr. Abel Onyeke was found, among others, not to have exercised adequate professional scepticism and due diligence during this engagement as required by auditing standards and he did not obtain sufficient appropriate audit evidence by relevant standards.
“By this suspension, Mr. Abel Onyeke is not permitted to undertake any audit function/engagement pending the time a full practice review of the firm shall be conducted.”
