Business
FRC Issues Guidance For External Auditors

The Financial Reporting Council (FRC) of Nigeria has released guidance for external auditors and highlighted key industry issues for consideration during the COVID-19 pandemic.
The report came after it assessed the impact of the pandemic on audit of reporting entities in Nigeria and consultation with key stakeholders.
The report was to enable operators maintain high-quality audit in Nigeria.
In a statement, the Council said it aligned with the measures by the federal and state governments as well as relevant agencies in containing the COVID-19, adding that it is concerned about the financial health of corporate entities as as their financial statements, especially during this difficult period.
“The guidance directs practitioners to demonstrate flexibility in their work pattern, which includes work from home arrangements, use of video/telephone conferencing, and electronic evidence. However, auditors should apply alternative procedures if they are still not able to obtain sufficient appropriate audit evidence as a result of differing levels of infrastructure in the country”.
“If auditors are still not able to obtain sufficient appropriate audit evidence, then they should consider modifying the opinion on the financial statements in line with ISA. The audited financial statements containing the modified opinion must then be brought to the Council’s attention in accordance with the provisions of the FRC Act.
“Where the impact of Covid-19 is, in the auditor’s professional judgment one of the most significant matters having an impact on the audit of the financial statements, including those which had the greatest effect on: the audit strategy, the allocation of resources in the audit; and directing the efforts of the engagement team, then the auditor considers reporting this as a key audit matter for entities mandated to report key audit matters”.
The council believes that more time may be required to document, review audit engagements due to some measures taken by federal and state governments, in collaboration with Ministries, Departments and Agencies (MDAs) to contain the scourge of COVID-19.
FRC has, therefore, classified the situation into three major audit categories, such as Audit of 2019 Financial Statements, which have been completed, audit opinion issued and report already released to shareholders. No impact of COVID -19. Only accounting issues in first-quarter reports and onwards.
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Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.
He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.
He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”
The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.
Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.
“Even the most innovative financial tools and private investments require a solid public funding base to thrive.
It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.
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