Audit Regulations:FRCN plans implementation training in Q3

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By Elizabeth Adegbesan

The Financial Reporting Council of Nigeria, FRCN, said it plans to commence training of stakeholders on the implementation of Audit Regulation 2020, in the third quarter of the year (Q3’21).

The Acting Executive Secretary and  Chief Executive of the Council, Iheanyi Anyahara , disclosed this in an online interactive session organized by The Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) and FRCN.

Iheanyi said: “We plan to commence training on the implementation of the Audit Regulations next quarter especially audit firms, audit committee members, shareholders, Board members, internal auditors and assurance practitioners.

“We are of the view that the Council collaboration with all stakeholders will result in a seamless implementation of the Regulations. Finally, we shall commence Quality Control Review in 2022 in line with the transition programme.’’

He noted that one of the critical concerns on the implementation of the Audit Regulations is capacity but the effective implementation of Audit Regulation 2020 would boost the acceptance of Nigeria’s financial reporting in the global community.

“One of the critical concerns on the implementation of the Audit Regulations is the capacity. We are currently discussing with development partners in this regard. 

I am pleased to inform you that the Council has received positive assurances from some bodies internationally and locally to deploy resources to assist and such will be extended to your association.

“The Audit Regulation is very strategic in the quest for Nigeria joining the league of global communities that have effectively set up Independent Audit Regulators.

“There is, therefore, a clarion call for strict compliance with the regulation by all concerned. This will orchestrate the need for a re-evaluation of remuneration structures; board level expertise and training; risk management, sustainability, etc.

“Our engagement with members of shareholders association is strategic as we decided to use today’s exercise, to personally and specially request that your associations devote considerable time to consider the audit regulation for a meaningful and quality contribution towards effective implementation of the audit regulation”, he said.

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