FRC, shareholders bicker over waivers

SHAREHOLDERS in the nation’s capital market have taken a swipe on the Financial Reporting Council of Nigeria, FRCN, over alleged waiver fees it places on Chief Finance Officers, CFOs, and audit committee chairmen of quoted companies, who are not members of the Institute of Chartered Accountants of Nigeria, ICAN.

The waiver fee, amounting to N600,000, according to information available to Financial Vanguard, would enable persons in those two positions who are yet to comply with the FRC requirement to continue to endorse the financial reports of their companies.

Financial Vanguard also gathered that during the tenure of Jim Obazee, the former Executive Secretary of FRC, directors of companies that belong to any professional body such as Chartered Insurance Institute of Nigeria, CIIN; Nigeria Institute of Management, NIM; Chartered Institute of Bankers of Nigeria, CIBN; and Institute of Directors, IoD, among many others, were certified and given FRC numbers upon payment of certain fee (N350,000) to allow them attest to accuracy and integrity of their financial statements.

Financial Vanguard learnt that afterwards, a circular was issued by the FRC insisting that only CFOs and audit committee chairmen who are ICAN members would be qualified to continue to perform the function otherwise they will seek waiver from the Council, a development which stakeholders in the capital market are kicking against.
Vanguard, August 28, 2017

 

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