The Financial Reporting Council, FRC has deployed its grand reforms strategy under the new leadership of Dr Rabiu Olowo through local and international partnerships along with cooperation, with a view to consolidating Nigeria’s corporate reporting framework with international best practices.
Aligning with the Renewed Hope Agenda, RHA of President Bola Ahmed Tinubu, the council commenced in earnest jointly and occasionally with local engagements to chart an agreeable understanding that was lacking in the previous administration/leadership.
Thus , strengthened partnerships with the National Insurance Commission, NAICOM, Pension Commission, PENCOM, National Health Insurance Authority, NHIA among others, simultaneously with the global organizations like NAS, IFoA (UK), SOA (USA), CAS (USA), TASK (Kenya), and IAA.
The council initiated the integration of Actuarial Science into Nigeria’s secondary schools curriculum in its desire to catch them young and inculcate into them at the foundation level , against the backdrop of other organizations efforts channeled at bringing similar experiences to young Nigerians at graduate level.
The Olowo’s Financial Reporting Council, FRC prioritised through strengthening of audit regulations, oversights , standards, and International collaborations giving more prominence to its new modus operandi and regulatory frameworks.
The council also conducted the first comprehensive practice reviews within it’s regulatory framework across 16 audit firms, including the Big Four, covering 143 audit engagements.
The maiden exercise will restore confidence in the beneficiary audit firms which demonstrated the new innovations, expectations and regulatory drive by the new helmsman.
The introduction of the NOCLAR framework (FRC Rule 14), aligned with international standards, aimed at enhancing the responsibilities of external auditors for their clients in cases of non-compliance with laws and regulations, to uphold the integrity of financial reporting and protect public interest.
The commencement of the Implementation and enforcement of ICFR guidance
Hosted “Inaugural Leadership Summit” for Auditors with over 764 participants in attendance representing over 70% of the members/firms.
This was enabled after the signing of a Memorandum of Understanding, MOU with the Financial Reporting Oversight Board (FROB) of The Gambia to foster African regulatory collaboration among many others.
With the series of engagements by the council, it advanced the UK and Nigeria ‘Enhanced Trade and Investment Partnership’ (ETIP) to achieve Regulatory Equivalence, and mutual recognition of audit qualifications with FRC UK, a global feat achieved in a jiffy .
Under the management of Olowo as the Executive Secretary and Chief Executive Officer, the Joint international training with Audit Committee Institute (ACI) , other International Audit regulators like PCAOB (USA), IRBA (South Africa), and ICAG (Ghana) made presentations.
Hence , the new council in its bid to turn around the fortunes has deepened both regulatory, inspection, and supervisory roles to drive the Financial Reporting Council, FRC to the highest pedestal .
Written BY ABUBAKAR YUSUF on yus.abubakar3@gmail.com
