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Minister Task FRCN On Enforcement Of Accounting Standards

Babajide Iletogun

The Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo has tasked the newly appointed Executive Secretary of the Financial Reporting Council of Nigeria (FRCN), Alhaji Shuaibu Adamu Ahmed on the need to develop a sound accounting and financial reporting standards in accordance with the Act establishing the council.

The Minister who inaugurated the new executive secretary on Thursday also emphasised the need for the FRCN to achieve its mandate as specified in section 8 of the Act by enforcing accounting standards; advising the Federal Government on accounting and financial reporting standards; and maintaining a register of professionals in the accounting sector related to the process of creation of financial reports.

Besides, he asked the council to review and monitor the professionals in the accounting sector, and the monitoring of corporate governance financial papers.

Adebayo told the new executive secretary to see his appointment as a privileged one based on his past achievements, and ensure that he left landmark achievements by the time he leaves office.

“You are therefore expected to discharge your duties in accordance with the rules and regulations laid down in the Act establishing the council and Extant Rules,” he counselled.

Ahmed who said he was prepared to ensure that FRCN lived up to expectation under his leadership, noted that the council being the  apex regulatory agency for financial reporting and corporate governance in the country, its actions and inactions may make or mar local and foreign investors confidence in the nation’s economy.

He listed the areas of his priority to include enforcing accounting standards, supervision/collaboration with regulatory supervisory bodies such as SEC, CBN, PENCOM, CAC, NAICOM, enforcement,  operations and funding of the council.

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