The Financial Reporting Council of Nigeria (FRC) has admitted that it has not fixed the grey areas in the newly approved Audit Regulations 2020.

Iheanyi Anyahara, acting Executive Secretary of the FRC, pledged the council would fix the grey areas.

He stated this during a stakeholders’ interactive webinar organised by the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN).

The Audit Regulation 2020 seeks to provide a comprehensive legal framework necessary for implementing auditing standards practices in Nigeria.

Mr Anyahara also urged strict compliance by companies to the provisions of the regulations, saying the FRCN was not out to sanction companies but to ensure credible financial reporting to attract investments.

He also revealed plans by the council to commence quality control by 2022, in line with the transition programme.

“Audit regulation is an enabler for re-establishing the much-needed trust in a financial report. There is, therefore, the need for a clarion call for strict compliance with the Regulation by all concerned.

“This will engender the need for re-evaluation of remuneration, structure, board-level experience, risk management, training, sustainability, among others,” he explained.

“With the pandemic, the council has provided increased transparency for investors and shareholders whose demand is very high.

“Howbeit, assurance by independent qualified professionals to enhance the credibility of corporate financial reporting would need to be pursued vigorously by all affected professionals,” Mr Anyahara added.

Mr Anyahara pledged the council’s commitment to ensuring transparency, responsibility, accountability, and fairness without fear or favour.

He added that the council would provide a window to address qualifications for members of the audit committee.

“Our engagement so far are: big four audit firms, shareholders’ association, small and medium practices among others, and we are open to working together to build capacity,” he affirmed.

(NAN)