The Chief Executive Officer CEO), Financial Reporting Council of Nigeria (FRSC), Daniel Asapokhai, has said it is finalising work on the Audit Regulation 2020 to improve investor confidence and ensure quality accounting standards.
He said this during a webinar entitled: ‘’The strategic assessment of Financial Reporting Council’s draft audit regulation webinar’’.
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“Today’s exercise, which is one of the steps towards finalising the audit regulation, is strategic in the quest for the realisation of the council’s mission statement to bring utmost confidence to investors, reputation to oversight and ensure quality in accounting, auditing, actuarial, valuation and cooperate governance standards and non-financial reporting issues,” he said.
Asapokhai, who was represented by the Deputy Director/ Head (Directorate of Accounting Standards Public Sector), Financial Reporting Council of Nigeria, Dr. Iheanyi Anyahara, said the audit regulation exposure draft was a culmination of efforts of the council which started with the setting up of Audit Regulation Working Group on October 30, 2018 comprising 14 members drawn from relevant stakeholders.
The members, he said, were the big four audit firms; medium size audit firms; Forum of Small and Medium Size Practitioners; Office of the Auditor-General for the Federation; Nigerian Accounting Association; Attorney-General of the Federation/Minister of Justice; and Securities and Exchange Commission.
Others were the Institute of Chartered Accountants of Nigeria; and Association of National Accountants of Nigeria.
The draft exposure draft of the ARWG was subjected to further scrutiny by the technical and oversight committee and the governing board of the council and was being subjected to more crucial scrutiny by the entire stakeholders, he said.