Improved audit regulations could attract investment – FRC

The Financial Reporting Council of Nigeria (FRC) has said moves to improve audit regulation in the country will help attract more foreign direct investments (FDIs).

The Deputy Director/Head, Directorate of Accounting Standards, Public Sector, FRC,

Dr. Iheanyi Anyahara, said this in a keynote address he delivered at a webinar titled: “Strategic Assessment of Financial Reporting Council’s Draft Audit Regulation,” organised by Crown Height Consulting.

Anyahara represented the Executive Secretary/Chief Executive Officer, FRC, Mr.

Daniel webinar.

He said: “Responsible audit regulation will strengthen the market to attract more patient capital from the global market. It is our societal duty and privilege to do what we are doing today.”

Anyahara, joined the

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said Nigeria global trend of establishing an independent public oversight system for audit by repealing the Nigerian Accounting Standards Board Act No.22 of 2003 and enacting The Financial Reporting Council of Nigeria Act No. 6, 2011.

“The applicability of this regulation is expected to be a source of concern to many at this auspicious time with the controversy being generated with CAMA 2020.

“However, we are mindful of the fact that the two pieces of legislation are intended to promote trade and investments in Nigeria. The Council appreciates President Mohammad Buhari for the landmark achievement,” he noted.