The Financial Reporting Council of Nigeria (FRC), and the Association of Chartered Certified Accountant (ACCA), have stressed the need for stakeholders to ensure up-to-date knowledge of best practices in corporate governance and financial reporting to support business growth and the economy at large.
The Executive Secretary/Chief Executive Officer of FRC, Daniel Asapokhai, who made the observation at a breakfast meeting organised by the global accounting body, ACCA, said exploring the possibilities of connections to promote growth and governance is common among them.
Noting that ACCA uses its connection across the world to connect people with fulfilling career, to connect organisations with finance and economies with the ingredients for growth, Asapokhai said FRC similarly believes that connection is good for business, moves the world forward, and creates wider opportunities.
Speaking on the topic, “Nigeria code of corporate governance 2018: Power of connections,” he said that as a regulator, connection is critical to the success of FRC’s work.He said the effectiveness of FRC’s work shows in the actions “you and your connections take or fail to take in your roles as executives involved in governance of different public and private corporations, in the preparation of multiple sets of books in your roles as professional accountants or other professionals that are involved in financial reporting process.”
“We therefore, treasure opportunities to connect and interact with business leaders, particularly on the topics of strong corporate governance and high quality financial reporting. These two topics are critical underpinnings of the national development agenda and they also completely capture the essence of the work we do at the council,” he said.
Asapokhai also noted that opportunities for interactions will enable all to stay in touch with development in business environment that influence the relevance and effectiveness of regulation.He explained the agency is charged with promoting trade and investment in Nigeria, by ensuring high quality financial reporting and promoting high standard of corporate governance in public and private sectors.
To deliver on that mandate, we perform three broad functions- set standards, monitor compliance with those standards and enforce compliance with standard. We carefully monitor local and international development and assess their importance and relevance to Nigeria.
“We work to influence international accounting and auditing standard by promoting qualified Nigerians for appointment into relevant international boards and generally, staying involved with the global financial reporting regulatory agenda,” he added.
Meanwhile, the Country Head of ACCA, Nigeria, Tom Isibor, explained that the forum was part of plans to drive connections among the accounting body’s network of employers, partners, stakeholders and members.
According to him, the quarterly event, which is a programmed strategy, had in the last quarter, discussed the “Power of Digital”, but now the “Power of Connection”.
“The objective is to drive connections among our network- employers, partners, stakeholders and members. Of course, there is value we can derive from each other by working together, with priority to develop the accountancy profession.“FRC just reviewed the code of corporate governance in the country and that code is at the very heart of business. So, since that review happened, we felt obliged, as an organisation that produces accountants and as you know, accountants are the very heart of business and economic management.
“So, they need to be aware of what those changes and requirements are for them to function effectively and give appropriate advice. We take things around code of ethics and corporate governance seriously. This is one of the avenues that we engage our members.“The world is constantly changing, except trust, which emanates from ethics, culture and processes. As ACCA staff and employee, you have to go through code of ethics, review and update, to ensure that you don’t violate them,” he said.