The Financial Reporting Council of Nigeria (FRC) reiterates that strict compliance with the following extant Rules of the Council is mandatory:
• Rule 9 – Key Audit Matters (KAM) in line with ISA 701
• Rule 10 – Statutory Audit Committee and Other Board Committee(s) Responsible for Audit
• Rule 11 – Restriction on the Use of Auditor’s Logo, Brand, and Other Forms of Identity in Clients’ Annual Financial Reports
• Rule 12 – Audit Transparency Report
• Rule 13 – Submission of Financial Statements by Non-Resident Companies
• Rule 14 – Non-Compliance with Laws and Regulations (NOCLAR)
These Rules are essential to ensuring the integrity, transparency, and credibility of financial reporting in Nigeria.
Auditors are advised to be properly guided.
No Comment! Be the first one.