Following the controversial sections in the Audit Regulations 2020 as it affects companies’ mode of financial operations in Nigeria among other issues, the immediate past Acting Executive Secretary/CEO of Financial Regulations Council of Nigeria (FRCN), Dr Iheanyi Anyahara, has promised to fix every grey area in the regulation, calling on concerted effort by every stakeholder to ensure strict implementation.
Speaking yesterday on the topic: Audit Regulations 2020: Addressing Stakeholders’ Concerns On The Mandatory Registration of Audit Committee Members With FRCN And Sanctions”, put together by Institute Of Chartered Secretaries & Administrators of Nigeria (ICSAN) in a webinar session, Anyahara said the Regulation is putting in place plans for financial literacy for all stakeholders to be fully informed for sound decisions and planning.
Acccording to him, FRCN is not an oppressive Body Corporate, but one whose mandate is to ensure that corporate bodies complies with the provisions of the Council, and the council would do everything in line with the law to carry every stakeholder along but must enforce sanctions when and where neccssary.
“Audit Regulation is an enabler for re- establishing the much -needed trust in financial report. There is therefore the 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.”