The Financial Reporting Council (FRC) of Nigeria has vowed to take decisive action against auditors and accountants who fail to adhere to professional standards.
Dr. Rabiu Olowo, the Executive Secretary and CEO of the FRC, made this commitment during his presentation at the Premier Leadership Audit Summit in Lagos.
He emphasized the council’s dedication to proactive regulation as a means of preventing audit failures, which have had significant adverse effects both globally and within Nigeria.
Dr. Olowo highlighted the FRC’s recent steps to digitize processes, facilitating the registration and validation of professional accountants and other professionals involved in financial reporting.
This initiative is part of the council’s broader transformational agenda, which includes imposing sanctions on non-compliant entities and auditors.
The FRC had earlier suspended the Engagement Partner of Nexia Agbo Abel & Co., Abel Onyeke, for failing to exercise adequate professional skepticism and due diligence during an audit engagement.
This suspension underscores the council’s commitment to holding practitioners accountable and ensuring compliance with auditing standards.
Dr. Olowo noted that the Premier Leadership Audit Summit provided a crucial platform for engaging with auditing professionals on regulatory frameworks, emerging trends, and the importance of improving audit quality.
The FRC remains the primary statutory agency responsible for regulating financial reporting, accounting, auditing, actuarial practices, valuation, and corporate governance standards in Nigeria.