Determined to ensure Nigerian accountants and auditors are not excluded from taking part in international practice, the Financial Reporting Council of Nigeria (FRC) has initiated processes for the country’s membership of the International Forum of Independent Audit Regulators (IFIAR).
This was disclosed by the Executive Secretary of the FRC, Mr Jim Obazee, while welcoming the management of the Institute of Chartered Accountants of Nigeria (ICAN) led by the President of the Institute, Mr Adedoyin Idowu Owolabi, to the corporate head office of the Council in Lagos.
Obazee also disclosed that the FRC is currently seeking support of the United Kingdom FRC for Nigeria to be approved as meeting the requirements of the EU statutory Audit Directive which will allow Nigerian auditors, accountants and firms to practise in European Union countries without being compelled to register again with the EU regulators or being subjected to their oversight.
He therefore implored the Institute and its members to brace for the challenges of the reviews and requirements that will be necessary.
Obazee also recalled some of the measures that the body which is a parastatal of the Federal Government supervised by the Federal Ministry of Trade and Investment has already taken since it came into being via the FRC Act no 6 of 2011.
Significant public interests
This include initiating the process of issuance of a country code of corporate governance for private and public sectors, facilitation of the first phase of the adoption of the International Financial Reporting Standards (IFRS), review of financial statements of listed and significant public interest entities as well as putting in motion machinery for quality control of professional accounting firms.
Stating the important position Nigeria occupies in the global financial reporting circle, he said the country will be participating in the standards setting process of IFRS at drafting and implementation stages.
He also charged accountants and auditors as well as firms to brace up for more responsibilities in view of the new opportunities created by the FRC Act.
Owolabi pledged the commitment of the Institute to achievement of the goals of the FRC, stating that both bodies are partners in progress.