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The Financial Reporting Council (FRC) has issued a stern warning, declaring its intention to mete out severe sanctions on accounting professionals and firms found in breach of its governance codes. The council emphasized that any practitioner violating the core conduct expected in the profession would face restrictions from practicing.
Dr. Rabiu Olowo, the Executive Secretary and Chief Executive Officer of the FRC, made this declaration during a meeting with Helen Brand, the Chief Executive of the Association of Chartered Certified Accountants (ACCA), in Abuja on Thursday. The FRC, established by the Financial Reporting Council of Nigeria Act, No. 6, 2011, is responsible for developing and publishing accounting and financial reporting standards for public entities in Nigeria.
Olowo outlined the council’s commitment to reinforcing its enforcement mechanisms, ensuring that individuals are held accountable for actions or inaction that contravene FRC laws. He stressed the importance of aligning with the ACCA to oversee credible work leading to trustworthy financial reporting.
The FRC head stated, “We want to make sure that we hold to account accountants, auditors, or anyone who is a professional within the financial reporting framework to make sure that they do the right thing, and we would hold them accountable for doing the right thing.”
He further highlighted the council’s authority to restrict any professional violating the expected core conduct from practicing, noting their joint resolve with the ACCA to take enforcement seriously.
During the meeting, Olowo acknowledged ACCA as a longstanding strategic partner, citing its contributions in technical assistance, idea exchange, and insights related to the accounting profession. He informed about the recent launch of two new directorates and the issuance of exposed drafts of new codes of corporate governance by the FRC.
Helen Brand expressed her visit as a reinforcement of the ACCA’s long-term collaboration with the FRC and emphasized the need for the accounting profession to respond to emerging global circumstances, especially in sustainability reporting. Both parties signed a Memorandum of Understanding to strengthen their commitment to collaboration.
The FRC’s renewed focus on stringent enforcement signals a commitment to upholding governance standards within the financial reporting landscape, showcasing its dedication to ensuring credibility and integrity in the profession.
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