The Financial Reporting Council (FRC) has embarked on an exercise to review the financial statements of selected agencies such as the Nigerian National Petroleum Corporation. [NNPC], banks, pension fund administrators and their depositaries to ensure compliance with its Law No. 6, 2011.
Executive Secretary of the Council, Amb. Shuaibu Ahmed, revealed it yesterday, while answering journalists’ questions about the measures underway to enforce his laws in ministries, departments and agencies (MDA), in Abuja.
Ahmed said the board was staying despite some previously seen financial documents tangled with questionable financial wrongdoing, noting that with the completion of the review, the board immediately wrote to both the NNPC and other relevant agencies, as well as their auditors to provide it. with details of some offenses.
Ahmed noted that the council expects to receive the management letters from the NNPC within the next week, after which the council will review them and invite the party to appear before it to eliminate some of the violations that have been found.
The FRC boss also explained that the Council has undertaken a review of the financial statements of banks, pension fund administration and their custodians over the past two weeks and is ready to invite them to meetings. inspection meetings with their auditors. He noted that this is the only way to improve the quality of financial reporting and to make entities and individuals comply with the law.