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