The Financial Reporting Council of Nigeria (FRC) successfully hosted the 2026 Audit and Assurance Leadership Summit at the Lagos Marriott Hotel, Ikeja, bringing together distinguished dignitaries, regulators, audit and assurance professionals, industry leaders, academics, and other key stakeholders to examine the future of audit and assurance in an era increasingly shaped by Artificial Intelligence (AI).
With the theme, “Audit Integrity in the AI Era: Independence, Accountability and Reliable Financial Reporting,” the Summit provided a strategic platform for thought leadership, knowledge exchange, and dialogue on emerging developments, opportunities, and challenges associated with the integration of AI into audit and assurance practices.
In his welcome address, Dr. Rabiu Olowo, Executive Secretary/Chief Executive Officer of the FRC, underscored the importance of preserving audit integrity, professional judgment, independence, and public trust as AI continues to transform the audit and assurance landscape. He noted that while AI offers significant opportunities to enhance audit quality, efficiency, and analytical capabilities, its adoption must be guided by robust governance frameworks, accountability mechanisms, and the highest standards of professional ethics.
The Summit was formally declared open by Dr. Chris Osa Isokpunwu, Permanent Secretary, Federal Ministry of Industry, Trade and Investment, who represented the Honourable Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole.
The event also featured goodwill messages from prominent stakeholders, including representatives of the Auditor-General for the Federation, Shaakaa Kanyitor Chira; Hajiya Queensley Sofuratu Seghosime, President of the Institute of Chartered Accountants of Nigeria (ICAN); Ambassador Shuaibu Ahmed, FCA, Former Executive Secretary/CEO of the Financial Reporting Council of Nigeria; Mr. Sola Oyetayo, Group Financial Controller, Axela Limited, and other distinguished leaders within Nigeria’s financial reporting and assurance ecosystem.
A key highlight of the Summit was the series of expert-led panel discussions, which explored the implications of emerging technologies for audit quality, transparency, accountability, and stakeholder confidence.
AI and the Future of Audit Quality
The first panel session, titled “AI and the Future of Audit Quality: Opportunities, Risks, and Regulatory Expectations,” was moderated by Anthony Amodu, Chief Revenue Officer, Pastel Africa.
The esteemed panel comprised:
- Mr. Emmanuel Akeni, Head, Systems Audit and Security Compliance, Credit Direct Finance Company Limited
- Christopher Ogirri, Associate Director and Chief AI Officer, PwC
- Oluwatobi Blessing Olayiwola, AI & Data Senior Manager, Deloitte & Touche
- Dr. Adedoyin Talabi, Principal Consultant, Data Pulse Nigeria Limited
- Dr. Ivan Anya, Chief Executive Officer, Business Intelligence Technologies Ltd.
Discussions focused on the transformative role of AI in enhancing audit processes and improving audit quality, while also addressing critical issues relating to data security, governance, cybersecurity, regulatory oversight, and professional judgment. Panelists emphasised that although AI-powered tools can significantly strengthen audit effectiveness, auditors must remain accountable for the judgments and conclusions underpinning audit opinions. The session also highlighted the importance of maintaining auditor independence and ensuring that technological innovation does not undermine public confidence in the profession.
Closing the Audit Expectation Gap
The second panel session, “Closing the Audit Expectation Gap: Restoring Public Trust and Strengthening Accountability,” was moderated by Mr. Titus Osawe, Former Director, Financial Reporting Council of Nigeria.
Panelists included:
- Sir Sunny Nwosu, National Leader Emeritus, Independent Shareholders Association of Nigeria (ISAN)
- Jamiu Adeyemi Olakisan, Assurance Leader, EY West Africa
- Ashade Akinyemi, Financial Services Industry Audit Division, KPMG Nigeria
- Kunle Oyetoyan, Finance and Corporate Reporting Regulatory Executive
- Dr. Iheanyi Anyahara, Former Director, Financial Reporting Council of Nigeria
- Ayoola Onabokun, Group Financial Controller, Axela Limited
The session examined the persistent audit expectation gap and explored practical measures for strengthening transparency, accountability, and stakeholder confidence in financial reporting. Discussions centred on the evolving role of auditors, the need for greater stakeholder understanding of audit responsibilities, and strategies for enhancing the credibility and reliability of audit outcomes in an increasingly complex business environment.
Reinforcing Trust, Accountability and Audit Excellence
The 2026 Audit and Assurance Leadership Summit reaffirmed the Financial Reporting Council of Nigeria’s commitment to promoting high-quality audit and assurance practices, strengthening professional independence, and enhancing confidence in Nigeria’s financial reporting ecosystem.
As technological innovation continues to reshape the profession, the Summit highlighted the collective responsibility of regulators, practitioners, preparers, investors, and other stakeholders to ensure that advances in AI are harnessed responsibly, while upholding the principles of integrity, accountability, transparency, and public trust that remain the foundation of effective audit and assurance.
Through initiatives such as the Audit and Assurance Leadership Summit, the Financial Reporting Council of Nigeria continues to provide leadership in advancing reliable financial reporting, strengthening investor confidence, and supporting sustainable economic development.
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