FRC to implement 2020 audit regulations | Dailytrust

FRC to implement 2020 audit regulations

The Financial Reporting Council of Nigeria (FRC) has held a meeting with shareholders and audit committee members on how to implement the Audit Regulations 2020.

Speaking on the sideline of the meeting on Monday, the acting Executive Secretary/Chief Executive Officer of FRC, Mr Iheanyi Anyahara said: “It is one of the series of engagements with relevant stakeholders for effective implementation of Audit Regulations 2020 which was signed by the Hon. Minister Federal Ministry of Industry, Trade and Investment, Niyi Adebayo, geared towards seeking stakeholders buy-in so that financial reporting in Nigeria will be credible.”

He said the regulation is to ensure that all registered auditors carry out their professional duties to earn the trust of clients and to provide legal frameworks for minimum practice guidelines for auditors which he said would attract more Foreign Direct Investments (FDIs).

The National Coordinator of Pragmatic Shareholders Association of Nigeria, Mrs Bisi Bakare said: ”We were not happy before we got here but from what the acting executive secretary has explained, it is now clearer because, he said, we don’t have to be chartered accountants before we can register with FRC but one has to be a chartered accountant to be the chairman of the statutory audit committee.”