BY PETER EGWUATU

In apparent bid to forestall malpractices among operators in the Nigerian capital market, the Securities and Exchange Commission, SEC has warned all operators to ensure that their audited accounts are signed by the person who audited the account rather than the auditing firm.

The SEC in its website at the weekend drew the attention of all operators in the Nigerian capital market to the ruling of the Court of Appeal Lagos, delivered on December 9, 2013 in Suit No. CA/L/178/2011 – KPMG Professional Services & Guinness Nigeria Plc Vs Mazi O. Unegbu which was an appeal against the decision of the Federal High Court Lagos delivered on November 19, 2010.

According to the commission “The ruling is to the effect that “Any document required to be prepared by any audit firm, shall be signed by a named auditor/partner who must affix his own personal signature and not the name of a firm as signature”.

Consequently, the SEC stated “We direct all capital market operators and consultants to comply with the ruling by ensuring that any document prepared on their behalf by any audit firm for filing with the commission is signed by a named auditor/partner who must affix his/her own personal signature and not the name of the firm as signature.”