By NAOMI UZOR
The Financial Reporting Council of Nigeria (FRC) said it has bridged the gaps in statutory filings and financial provisions.

Speaking at the interactive meeting of the professional practice group, of the Lagos Chamber of Commerce and Industry (LCCI), the Executive Secretary/CEO of FRC, Mr. Jim Obazee said there were a number of gaps in statutory filings and financial provisions in The Nigerian Accounting Standards Board Act, No. 22 of 2003, but that the FRC Act, 2011 has corrected these weaknesses.

He disclosed that the FRC is a direct Federal regulation with all embracing board composition and has enhanced standard setting, monitoring compliance and disciplinary authority, outsourcing and role enhancement/due diligence and that the funding requirement seems adequate and the extent of work supports employment opportunities, adding that its implementation shall enhance investment.

According to him, the Act protects investment, investors and other stakeholders’ interests and serve as a unified regulator, provide guidance on issues relating to financial reporting,  corporate governance, ensure good corporate governance practices in the public and private sectors of the economy, ensure accuracy and reliability of financial reports and corporate disclosures, pursuant to the various laws and regulation currently in existence and harmonise activities of relevant professional and regulatory bodies as it relates to financial reporting and corporate governance.

“All supervisory action is dependent on financial reporting.  Some companies lack adequate books and records; some auditors lack skills and professional scepticism; and the values placed on some assets and liabilities may be open to challenge (a number of supervisory work, currently, has focused on data verification rather than analysis)” he noted.

He stated that the FRC oversight-ethics is maintenance of register of professionals, power to sanction registered professionals, develop or liaise with relevant professional bodies on auditing and ethical standards set by it, encourage establishment of ethical standards in relation to the independence, objectivity and integrity of external auditors and those providing assurance services, monitor and promote education, research and training in the fields of accounting, auditing and financial reporting and corporate governance.