FRC probes NNPC, banks, PFAs’ financial statements, summons officials, auditors

FRC probes NNPC, banks, PFAs’ financial statements, summons officials, auditors
Kyari

The Financial Reporting Council has said it has reviewed the infractions it found in the financial statements of the Nigerian National Petroleum Corporation, banks, pension fund administrators and custodians.

The Executive Secretary, FRC, Shuaibu Ahmed, disclosed this in an interview with journalists in Abuja on Wednesday.

He said the review, which the council undertook over the last couple of weeks, prompted it to invite the auditors of these entities for clarification.

On the review of NNPC’s financial statement, he said, “There have been a lot of controversies on that financial statement and we’ve kept quiet.”

“The review has been completed and we’ve written both the NNPC and the three auditors auditing them to provide us with the management letters for NNPC,” he added.

According to Ahmed, the council is expecting to get the management letters for NNPC within the next one week, after which the council will look at them and invite the party to appear before it to clear some of the infractions that have been noticed.

“At the end of the day, we will let the press know the outcome of that review,” he added.

The FRC boss also said the council had undertaken the review of the financial statements of banks and the PFAs over the last couple of weeks.

He said they would be invited for inspection meetings with auditors.

According to him, the processes are the only way to enhance the quality of financial reporting and make entities and individuals compliant with the FRC Act.

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