Vision:

To be the conscience of regulatory assurance in financial reporting and corporate governance in Nigeria

Mission:

Bringing utmost confidence to investors, reputation to oversight and ensuring quality in accounting, auditing, actuarial, valuation and corporate governance standards and non-financial reporting issues.

In meeting the core objectives of the Council, we:

• promote the provision of high quality reporting of financial and non-financial information by public interest entities;
• maintain an up-to-date register of professionals
• promote the highest standards among external auditors and other professionals;
• enhance the credibility of financial reporting
• improve the quality of accounting, audit and other assurance services
• harmonise the activities of professional and regulatory authorities in order to ensure  credible financial reporting and corporate governance; and
• build capacity of preparers, issuers and users of financial reports through the knowledge management platform of the Council such as the IFRS Academy.

Our Constituents are:

• Public Interest Entities (such as Listed Companies, NGOs, etc)
• State Owned Enterprises
• Regulatory Bodies
• Professional bodies
• External Auditors
• Professionals offering assurance services
• Governments; and
• The General Public

Our Functions include:

• Maintaining register of professionals
• Inspecting and ensuring quality of Assurance Firms
• Audit Practice Review
• Harmonisation of activities of relevant professional and regulatory bodies with regard to financial reporting and corporate governance
• Financial / Non-Financial Reporting Review
• Setting and/or adopting of accounting, auditing, actuarial and valuation standards and codes of corporate governance
• Cooperation with regulatory bodies in other jurisdictions to protect the interests of investors, issuers of financial statements and global credible financial reporting

We aim to:

• Ensure adherence to International Financial Reporting Standards (IFRS) and International Standards of Auditing (ISA);
• Ensure adherence to International Valuation Standards and International Actuarial standards.
• Ensure compliance with code of corporate governance
• Provide knowledge management platform to facilitate implementation of financial reporting standards.
• Collaborate with relevant professional and regulatory bodies to monitor the activities of professionals registered by the Council.
• Encourage feedback from all stakeholders to improve quality audit and financial  and non-financial reporting
• Enhance capacity of preparers and users through the IFRS Academy and other platforms of the Council.