The Executive Secretary/Chief Executive of the Financial Reporting Council (FRC) of Nigeria, Dr. Rabiu Olowo, has made a strong commitment to holding accounting professionals and businesses accountable for any violations of its governance codes.
This is a significant development that aims to improve the integrity of financial reporting in Nigeria.
This statement came after a fruitful discussion with Helen Brand, the CEO of the Association of Chartered Certified Accountants (ACCA), during which a Memorandum of Understanding (MoU) was signed by both sides to formally establish their collaboration in advancing reliable financial practices.
The FRC’s initiative to enhance its enforcement tools is intended to ensure that all accounting professionals and firms follow the framework of established regulations. Dr. Olowo stressed the need of not allowing any professional who violates the accepted behavior to practice, assuring the promotion and oversight of legitimate work that leads to reliable financial reporting. This decision is viewed as a critical step toward safeguarding the profession’s integrity and is consistent with the ACCA’s longtime commitment to assisting the FRC, particularly in technical assistance and the exchange of ideas related to financial reporting and corporate governance.
Helen Brand emphasized the changing character of the accounting profession in response to global concerns, with a focus on sustainability reporting and practice.
The ACCA, as one of the first entities to commit to capacity-building following the issuance of the International Sustainability Standards Board’s (ISSB) first two sustainability standards, reaffirms its commitment to solving these growing concerns in conjunction with the FRC. This collaboration emphasizes a common vision of adapting to global circumstances while maintaining the profession’s relevance and commitment to sustainable development.
The collaboration between the FRC and ACCA is a significant step forward in Nigeria’s attempts to maintain high levels of accountability and openness in the financial reporting environment.
By holding professionals and firms accountable, the program hopes to establish an integrity culture throughout the profession. Furthermore, the emphasis on sustainability reporting demonstrates a forward-thinking attitude to addressing the critical global issue of sustainable development. As the relationship advances, beneficial effects are envisaged in the form of more trustworthy and credible financial reporting, which will contribute to Nigeria’s overall economic stability and prosperity.
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