The Financial Reporting Council of Nigeria (FRC), in conjunction with Planet Governance Advisory Limited (PGAL) is organizing a two-day training on Corporate Governance. The training is titled Governance, Risk and Compliance (GRC) and it is scheduled to hold from October 19-20, 2023 (Thursday & Friday) at the Radisson Blu Anchorage Hotel, 1a Ozumba Mbadiwe Ave, Victoria Island, Lagos from 9:00am to 4:00 pm daily.

The course fee is ₦200,000.00 (Two Hundred Thousand Naira) only per participant (Group discounts are also available).

The Governance, Risk and Compliance (GRC) course is intended to provide the knowledge required to effectively design and improve integrated GRC activities throughout organizations. It provides companies with the tools and techniques they need to understand their obligations, mitigate risk, and have a proper structure in place for when an issue arises. The target audience is Executives and Board Members, Internal Auditors, Compliance Officers/Managers and their Deputies, Risk Managers, GRC Professionals, Legal and Regulatory Representatives, Company Secretaries, IT Professionals and Managers dealing with governance, risk management and compliance activities

Download the training flyer here and please click here for other training details

 Please click on the link to register https://rb.gy/2lsdx.

The Financial Reporting Council of Nigeria is organizing a 2 – Day Workshop and Interactive Session on IFRS for SMEs. The Workshop will expose stakeholders in the SME sector to the modalities of the application of the IFRS for SMEs. It shall intensively discuss the standards, accounting and disclosure requirements, their simplifications from the full IFRS and provide adequate illustrations and case studies. The dates, locations and venue are as follows:

For more information please click here

The Financial Reporting Council (FRC) of Nigeria, in collaboration with the United Nations Conference on Trade and Development (UNCTAD), initiated the implementation of the Accounting Development Tool (ADT) in Nigeria. The ADT Kick-off Session took place on August 22nd, 2023 in Lagos.

The ADT is a comprehensive toolkit designed to evaluate the legal, institutional, and human resource requirements necessary to enhance the accounting and corporate reporting infrastructure of a country. It enables countries to compare their capacity against international standards and best practices in accounting regulation.

During the event, Ambassador Shuaibu Adamu Ahmed, the Executive Secretary/CEO of the Council, emphasized that the ADT project aligns with the Council’s regulatory mandates of ensuring reliable financial reporting and strengthening Nigeria’s enterprise reporting capacity. He highlighted the numerous benefits that stakeholders can expect from the implementation of the ADT in Nigeria.

Dr. Iheanyi Anyahara, the Director of the Directorate of Accounting Standards, Public Sector, explained that the ADT’s primary objective is to utilize standardized tools to assess Nigeria’s strengths and priorities for capacity development. The ADT aims to provide policymakers with a scientific basis for addressing legal, institutional, and corporate reporting needs, ultimately facilitating economic growth and development in Nigeria.

Representatives from UNCTAD, Dr. Yoseph Asmelash and Mr. Richard Bolwijn, conducted sessions on the core aspects and methodology of the ADT.

Stakeholders and participants expressed their enthusiasm for the innovative concept of the ADT and contributed valuable insights during the event. The ADT project will continue with a One-Day-Meeting (ODM), during which all completed questionnaires will be analyzed, reviewed, and consolidated into a single document. The date for the ODM will be communicated at a later time.

The Association of National Accountants of Nigeria (ANAN) recently signed the Instrument of Delegation on Audit Regulations 2020 of the Financial Reporting Council (FRC) of Nigeria. The signing ceremony took place during a courtesy visit by the Executive Secretary/CEO of the Council, Ambassador Shuaibu Adamu Ahmed, to the 13th President of ANAN, Dr James Ekerare Neminebor, at the Association’s National Headquarters in Abuja on Thursday, August 17, 2023.

Amb. Ahmed in his address, said that “with the thousands of audit firms in the country, the FRC required the services of ANAN in their supervision”, pledging the Council’s readiness to work with ANAN on capacity building and training programmes. He further noted that the pact with ANAN on the Audit Regulations 2020 is in line with the African Continental Free Trade Area (AfCFTA) agreement, as it would give an advantage to audit practitioners to practice in jurisdictions outside the African continent.

Dr James Ekerare Neminebor, the ANAN President, in his remark, applauded FRC’s commitment to the regulation of standards in Nigeria, noting that this move would help strengthen the capacity building of audit firms and rank them to be in the league of big audit firms in the world. He noted that ANAN was assiduously building the capacity of its mega firms (a conglomeration of audit firms), to be in the league of big audit firms in the world.

Also speaking at the event, Dr Kayode Olushola Fasua, the Chief Executive Officer of ANAN, stated that the signing of the Memorandum of Understanding (MoU) sets the stage for ANAN practitioners to provide professional services and play significant roles in Nigeria.

Signing the instrument of delegation is expected to enhance audit standards and regulations, ultimately improving investors’ confidence in the financial statements of business entities in Nigeria. It is worth noting that the Institute of Chartered Accountants of Nigeria (ICAN) had previously signed the same Memorandum of Understanding on the Instrument of Delegations with the FRC, sharing the same objectives.

Overall, this collaboration between FRC and ANAN signifies a significant step towards strengthening audit practices in Nigeria and aligning them with international standards.