FRC audit group to strengthen reporting, economy

THE Financial Reporting Council of Nigeria (FRC), has inaugurated its Audit Regulation Working Group, with a mandate to improve audit quality in the country, and contribute to economic growth.

The group’s membership and subject matter experts are drawn from the Office of the Auditor General for the Federation, the Federal Ministry of Justice, Forum of Small and Medium-sized Audit Practitioners, and the Nigerian Accounting Association. Others are the Securities and Exchange Commission, Federal Ministry of Trade and Investment, Association of National Accountants of Nigeria and the Institute of Chartered Accountants of Nigeria, as well as some international and national accounting bodies.

The Executive Secretary/chief Executive Officer, FRC, Daniel Asapokhai, during the group’s meeting, in Lagos, said an audit of corporate reporting supports the orderly functioning of the capital market, and helps companies in raising capital from other sources and improves confidence in the integrity of financial statements.

The FRC chief pointed out that effective public oversight of audits would improve quality and sup- port for economic growth.

He said FRC’S goal is to improve the quality of statutory audits in Nigeria, by taking steps “to improve the independence of audit firms and auditors from the entity being edited. Also, to enhance the informational value of the audit reporting to investors; promote a more dynamic and competitive market for audit services and foster convergence of standards with Nigeria’s largest trading partners.”

But the FRC Chairman, Adedotun Sulaiman, specifically charged the Working Group to provide technical assistance to the Council in releasing a comprehensive set of rules over the next few months.