Wednesday, May 19, 2021

Audit Regulations 2020: FRCN pledge to fix grey areas, urges strict compliance

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Naija247news, Nigeria
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

By Rukayat Moisemhe
Lagos, April 14, 2021 The Financial Reporting Council of Nigeria (FRCN) on Wednesday promised to fix grey areas in the newly approved Audit Regulations 2020.

Dr Iheanyi Anyahara, Acting Executive Secretary, FRCN made the pledge at a stakeholders’ interactive webinar organised by the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN).

The webinar was themed: “Audit Regulations 2020: Addressing Stakeholders’ Concerns On The Mandatory Registration Of Audit Committee Members With FRCN And Sanctions”.

The News Agency of Nigeria (NAN) reports that the Audit Regulation 2020 seeks to provide a comprehensive legal framework necessary for effective implementation of auditing standards practices in Nigeria.

Anyahara also urged strict compliance by companies to the provisions of the regulations, saying, the FRCN was not out to sanction companies but to ensure credible financial reporting to attract investments.

He also revealed plans by the council to commence quality control by 2022 in line with the transition programme.
“Audit Regulation is an enabler for re- establishing the much-needed trust in financial report.

“There is, therefore, the need for clarion call for strict compliance with the Regulation by all concerned.

“This will engender the need for re- evaluation of remuneration, structure, board level experience, risk management, training, sustainability among others.

“With the pandemic, the council has provided increased transparency for investors and shareholders whose demand are very high.

“Howbeit, assurance by independent qualified professionals to enhance the credibility of corporate financial reporting would need to be pursued vigorously by all affected professionals,” he said.

Anyahara pledged the council’s commitment to ensuring transparency, responsibility, accountability, fairness without fear or favor of anyone.

He added that the council would provide a window to address the issue of qualifications for members of the audit committee.

“We seek for collaboration with all stakeholders for seamless implementation of the Regulation.

“We shall commence quality control review in 2022 in line with the transition Programme.

“We plan to commence training on the implementation of the audit committee by next quarter for audit firms, audit committee members, shareholders, board members, internal auditors and assurance practitioners.

“Our engagement so far are: big four audit firms, shareholders’ association, small and medium practices among others and we are open to work together to build capacity,” he affirmed.

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