The Financial Reporting Council (FRC) has issued a stern warning, indicating its intent to hold accounting professionals and companies accountable for any breaches of its governance codes.
Effective immediately, the FRC asserts that any professional found to contravene the expected conduct within the profession will face prohibitions from practicing.
Dr. Rabiu Olowo, the Executive Secretary and Chief Executive Officer of the council, emphasized this stance following a meeting with Helen Brand, the Chief Executive of the Association of Chartered Certified Accountants (ACCA), in Abuja.
Established by the Financial Reporting Council of Nigeria Act, No. 6, 2011, the FRC’s mandate includes developing and publishing accounting and financial reporting standards for public entities in Nigeria.
Olowo underscored the council’s commitment to bolstering enforcement mechanisms to ensure accountability for actions or inactions that violate FRC laws. He highlighted the alignment between the FRC and ACCA in promoting credible financial reporting practices.
Source: PUNCH