We are finalizing work on Audit Regulation 2020, says FRC CEO

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’’.

“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.