Anxiety As FRC Undertakes Financial Statements Review ofNNPC, Banks, PFA, PFC,

The Financial Reporting Council, (FRC) is undertaking review of the financial statement of the Nigerian National Petroleum Corporation, NNPC, Banks, Pension Fund Administrators and Custodians to ensure compliance with the Financial Reporting Council Act. The Executive Secretary, Financial Reporting Council (FRC), Ambassador, Shuaibu Ahmed disclosed this in an interview in Abuja. He said the council was quiet despite the financial statement being enmeshed with lots of controversies but after the completion of the review, the council wrote both the NNPC and the three auditors auditing them to provide them with the management letters for the Corporation. Ambassador Ahmed noted that 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 them to clear some of the infractions that have been noticed. Track Up The FRC boss also said the Council has undertaken the review of financial statements of banks, pension fund administration and custodians over the last couple of weeks and are getting set to invite them for inspection meetings with auditors. He further said it was the only way to enhance the quality of financial reporting and make entities and individuals compliant with the Act.