The (FRC), the statutory regulator responsible for maintaining independent public oversight over Accounting, Auditing, Actuarial Practice, Valuation, Sustainability Reporting, and Corporate Governance Standards in Nigeria, has issued a notice to all stakeholders in the financial reporting ecosystem, particularly audit firms and other assurance service providing firms operating in Nigeria.
According to the notice, “all firms providing audit or other assurance services in Nigeria are mandatorily required to register and or update their regulatory profile with the FRC through the official registration portal.” The Council said the directive applies to all statutory audit firms as well as all other Assurance Service Providing Firms (AASPFs).
The FRC explained that AASPFs include firms whose work involves assurance, attestation, verification, certification, or the issuance of independent opinions relied upon for financial reporting, including sustainability reporting, valuation, governance, regulatory, or other public interest purposes.
The regulator further announced plans to publish the National Audit and Assurance Firms Register on its website with effect from 1 April 2026. It stated that the Register would be updated from time to time and would serve as the official list of firms legally permitted to operate in Nigeria’s audit and assurance space.
The notice warned that any firm that fails to register or update its status on or before 31 March 2026 “shall not appear on the Register.” It added that only firms listed on the Register are legally permitted to undertake, accept, or continue any audit or assurance engagement in Nigeria.
According to the FRC, “any engagement carried out by an unregistered firm constitutes a violation of Nigerian law and shall attract sanctions under the FRC Act and the Audit Regulations 2020.”
The Council also issued an important compliance notice to reporting entities, CFOs, audit committees, and accounting officers. It stated that with effect from 1 April 2026, “it shall be unlawful for any Public Interest Entity, government institution, regulated entity, or private organisation to engage an audit or assurance service provider that is not listed on the National Audit and Assurance Firms Register.”
The notice added that all reporting entities are required to verify the registration status of both the audit firm and the signing audit professional before appointment and during the engagement. It warned that any audit or assurance engagement conducted by an unregistered firm would be considered invalid and would attract regulatory sanctions under applicable Nigerian laws and regulations therein.
Separately, the Presidential Fiscal Policy and Tax Reforms Committee said applications are ongoing for Module 2 of its Train-The-Trainer Programme following the completion of Module 1, which recorded over 11,000 registered professionals.
