The Financial Reporting Council of Nigeria (“FRC” or “the Council”) is a Federal Government regulatory agency established by the Financial Reporting Council of Nigeria Act 2011 (as amended) that is charged with, amongst other things, issuing and enforcing financial reporting (accounting, auditing, valuation, actuarial) and corporate governance standards and guidelines across the public and private sectors in Nigeria.

The FRC has extensively engaged various stakeholders such as the Professional Accounting Bodies in Nigeria, external auditors, government regulatory agencies, and significant public interest entities, where an objective evaluation of the five indicators of the economic environment of a country as stipulated in IAS 29: Financial Reporting in Hyperinflationary Economies were undertaken especially to determine the relevance and applicability of the standard in Nigeria in light of the inflationary trend in the country.

The Financial Reporting Council (FRC) of Nigeria is pleased to announce the introduction of Rule 14, aimed at enhancing the responsibilities of external auditors in cases of non-compliance or suspected non-compliance with laws and regulations. This initiative reflects our commitment to uphold the integrity of financial reporting and protect the public interest.