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In Nigeria the audit reports are standardized and they are governed by the rules and regulations that have been defined by the FRC or the Financial Reporting Council of Nigeria. This institution was established in the year 2011 and since then it has made sure that all the financial documentation of companies working in Nigeria is standardized which also includes the audit reports. Federal Ministry of Trade and development is the body under whose command and control this institution works to make sure that the companies abide by the rules and regulations of the government while compiling their financial documents. There are certain objectives of the FRC according to which not only it works but also makes sure that these objectives are fulfilled all the times especially when it comes to the companies audit reports. Some of them are listed below:
a. While compiling the audit reports the interests of the investors as well as stakeholders should be protected.
b. Companies requiring financial assistance are not only guided but it is also made sure that the best interest of the business is protected all the time.
c. FRC ensures that the audit reports published make sure that the good corporate governance is being preserved all the times when it comes to public as well as private sectors.
d. The accuracy of the financial reporting is also ensured by the FRC and it also includes the internal as well as external audit reports.
e. The financial reporting done by the company is credible and audit reports being the most important part is also emphasized.
f. The quality of audit as well as the related audit reports must also be increased in this regard.
Since inception FRC has made sure that the best practices related to financial reporting are preserved. The resident as well as the nonresident companies makes sure that they always consult FRC before any type of decision related to financial reporting is undertaken or implemented. The expert advice of FRC I like a boon to the companies which makes sure that the best interest of financial reporting is not only maintained with audit reports but the interest of the company is also preserved. According to the scope of the work there are several advantages of FRC out of which some are listed below:
a. FRC ensures that the accounting practices of public as well as private sector is in line with the principles defined and therefore it reduces the volatility of the audit reports and the related errors.
b. It is the professionalism of the FRC that always reduces the risk of financial market crises and therefore negative economic growth is also reduced to a great extend.
c. Easy access of credit is made possible by FRC and it is done by making sure that the audit reports and the related accounting practices are made safe, secure and transparent.
d. Last but not the least the FRC also makes sure that new job opportunities are created within the economy.
www.InnerKonsult.com Nigeria Accounting, Tax, Audit & Investigation service 08038460036,