FRC set to issue audit regulation to enhance transparency

The Financial Regulation Council (FRC) has declared that it would soon issue the much awaited Audit Regulation designed to deepen transparency for investors. Deputy Director/Head, Directorate of Accounting Standards Public Sector, Dr. Iheanyi Anyahara, disclosed this at an online stakeholder’s interactive forum with the FRC and the International Accounting Standard Board.

He said, “the Council is at the final stage of issuing its long-awaited Audit regulation which is expected to provide increased transparency for investors and other stakeholders, as well as enhance economic growth amongst other benefits”

Speaking further, Anyahara said that the interactive forum was aimed at deepening the knowledge on the application and implementation of International Financial Reporting Standards in Nigeria (IFRS 9, 16 & 17) in Financial Institutions in Nigeria. “The efforts today are geared towards deepening the knowledge of International Financial Reporting Standards (IFRS) in Nigeria, and obtaining first-hand information on implementation challenges from the users in financial institutions in Nigeria”, he said.

Speaking further, Anyahara highlighted efforts of the FRC to deliver on its vision to be the conscience of regulatory assurance in financial reporting and corporate governance in Nigeria. He said: “The Council issued the National Code of Corporate Governance (NCCG 2018) in the early part of 2019. “The document apart from aligning with world best practices on corporate governance has also been commended as a game changer in corporate governance. In the same vein, the Council has further simplified its registration processes which imply that you can get your registration numbers within 48 hours after completing your registration.

“More so, the Council ensures that all stakeholders are involved in the standard setting processes of international accounting and auditing bodies through the various technical committees amongst other initiatives. “The Council has recently begun assessment of IPSAS application and implementation of appropriate financial reporting framework in the public sector entities of Nigeria which is another critical area of concern.”