The Financial Reporting Council of Nigeria (FRC) has reiterated its unwavering commitment to strengthening audit oversight and eradicating audit failures within the nation’s financial reporting landscape.
This resolve was articulated by Rabiu Olowo, the Executive Secretary and Chief Executive Officer of the FRC, during the Leadership Summit for Auditors and Other Assurance Providers held in Lagos recently.
Central to the FRC’s strategy is a robust, four-pronged approach known as “DOSE”—Digitisation, Operational Excellence, Stakeholder Engagement, and Enforcement.
This initiative is designed to elevate regulatory standards and ensure stringent compliance among auditors and assurance providers across Nigeria. Olowo emphasised that the council’s ongoing digitization efforts are pivotal in enhancing its oversight capabilities, enabling the early detection of potential risks and audit deficiencies.
These advancements are integral to fostering an environment where transparency and accountability are paramount. Reflecting on the severe repercussions of past audit failures, both in Nigeria and globally, Olowo underscored the significant financial losses and diminished investor confidence that resulted from auditors’ inability to detect fraudulent activities.
