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Public Notice on The Administration Review of Annual Dues Stipulated in Section 33D of The Financial Reporting Council of Nigeria Act
Public Notice on the Administrative Review of Annual Dues Stipulated in Section 33D of the Financial Reporting Council of Nigeria Act
Public Notice to Statutory Auditors: Enforcement of Compliance with Audit-Related Rules of the Council
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.
Stakeholders Engagement on ISSB’s Proposed Targeted Amendment on IFRS S2 – Climate-Related Disclosures
The Financial Reporting Council (FRC) of Nigeria is organizing a stakeholders engagement session to deliberate on the International Sustainability Standards Board (ISSB)’s proposed targeted amendment to IFRS S2 – Climate-Related Disclosures.
The proposed amendment by the ISSB is intended to improve the clarity and applicability of IFRS S2, particularly in areas related to industry-based requirements, greenhouse gas (GHG) emissions reporting, and the interaction of global climate disclosure standards with local regulatory frameworks.
As the national regulator responsible for financial reporting and sustainability disclosures in Nigeria, the FRC recognizes the importance of inclusive and informed stakeholder participation in shaping the country’s response to the proposed changes. This engagement is critical to ensure that the views of Nigerian preparers, regulators, users of financial reports, and other interested parties are adequately captured and represented in the global standard-setting process.