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FRC Releases Rule Nine for Auditors

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The Financial Reporting Council of Nigeria (FRCN) in its determined effort to entrench transparency and probity in the nation’s financial sector has released Rule 9 bordering on the application of International Standard on Auditing (ISA) 701,which hinges on the need for Independent auditors to communicate Key Audit Matters (KAM) in their report.

In a statement by the Executive Secretary of the FRC Mr. Jim Obazee, the release of the “Rule 9” was in accordance with sections 8(2) and 53(2) of the Financial Reporting Council of Nigeria, Act No. 6 2011, (FRC Act, 2011).

According to Obazee, the scope of the rule 9 which hinges on the application of ISA 701 deals with the auditor’s responsibility to communicate key audit matters in the auditor’s report, adding that it was intended to address both the auditor’s judgement as to what to communicate in the auditor’s report and the form and content of such communication.

He stated that the purpose of communicating key audit matters was to enhance the communicative value of the auditor’s report by providing greater transparency about the audit that was performed.

He further explained that communicating key audit matters provides additional information to “intended users” of financial statements to assist them in understanding those matters that, in the auditor’s professional judgement, were of most significance in the audit of the financial statements of the current period.

He added that communicating KAM could also assist “intended users” in understanding the entity and areas of significant management judgement in the audited financial statements.
Obazee noted however that communicating KAM in the auditor’s report was not substitute for existing disclosure requirements by the Council among others:

Disclosures in the financial statement that the applicable financial reporting framework requires management to make, or that are otherwise necessary achieve fair presentation;
Auditor expressing a modified opinion when required by the circumstances of a specific audit engagement in accordance with ISA 705 (Modifications to the opinion in the Independent Auditor’s Report- Revised);

Reporting in accordance with ISA 570 (Going Concern- Revised) when a material uncertainty exists relating to events or conditions that may cast significant doubt on any entity’s ability to continue as a going concern; or a separate opinion on individual matters.

He maintained that Independent Auditors shall comply with provisions of ISA 701 for audits of financial statements and shall take effect on Decembers 15, 2016.

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Supreme court nullifies enforcement of National Lottery Act in 36 states

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The supreme court has nullified the enforcement of provisions of the National Lottery Act 2005 in the 36 states of the federation.

In a unanimous judgment delivered on Friday, the seven-member panel held that the national assembly lacks the powers to legislate on issues pertaining to lottery and gaming.

In March 2005, former President Olusegun Obasanjo signed the national lottery bill into law.

The legislation provides the framework for the operation of the national lottery and the establishment of the National Lottery Regulatory Commission.

The commission is charged with regulating the business of lottery in Nigeria as well as establishing the national lottery trust fund.

In 2008, the Lagos state government filed a suit against the federal government on whether the control and regulation of gaming and lottery businesses in each state is under the exclusive list.

In October 2020, the Ekiti government joined Lagos as co-plaintiff in the suit.

In November 2022, the supreme court joined 33 state governments as co-defendants in the suit.

In the judgment, the apex court ruled that only state assemblies have the powers to legislate on lottery and gaming businesses.

The supreme court ruled that legislation cannot be enforced in all states, except the federal capital territory (FCT), since the national assembly is empowered to make laws for the country’s capital.

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NASS amends NDLEA Act, okays life imprisonment for drug traffickers

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The Senate has concurred with the recommendation of the House of Representatives to commute the death sentence penalty for persons found guilty of storing, moving or concealing hard drugs and other illicit substances to life imprisonment.

The alignment of the Senate with the House of Representatives yesterday was a sequel to the amendment effected on the National Drug Law Enforcement Agency (NDLEA) Act.

The amendment was considered at the plenary, presided over by the Deputy Senate President, Barau Jibrin, APC! Kano North, after majority of senators supported the harmonisation of the conference committee of the two chambers of the National Assembly on Section 11 of the NDLEA Act.

Recall that recently, the House of Representatives passed an amendment to the NDLEA law to prescribe life imprisonment for drug traffickers but the Senate version of the amendment prescribed death penalty for the offenders.

In order to address the differences, both the Senate and the House of Representatives needed to hold a conference committee on the amendment where they will conclude on a final amendment to the section.

The then Chairman of the Senate Committee on Judiciary, Human Rights and Legal Matters, Senator Tahir Monguno, had told his colleagues that the Senate would adopt the amendment of the House prescribing life imprisonment for drug traffickers.

Monguno, who is the chairman of the conference committee, explained that if the National Assembly adopted the death sentence, it meant over 900 accused persons behind bar on drug related cases would be executed.

He, therefore, urged his colleagues to support the resolution in order to reduce the effect of drug consumption and trading in the country.

After the presentation, the Deputy Senate President put the resolution to a vote and majority of the senators supported it.

Senator Barau, thereafter, approved the amendments to include life imprisonment for drug traffickers.

With the amendment, the section now reads: “Anybody who is unlawfully involved in the storage, custody, movement, carriage or concealment of dangerous drugs or controlled substances and who, while so involved is armed with any offensive weapon or is disguised in anyway, shall be guilty of an offence under this Act, and liable on conviction to be sentenced to life imprisonment.”

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‘He was never our member’ — IPOB disowns Simon Ekpa

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The proscribed Indigenous People of Biafra (IPOB) says Simon Ekpa, the controversial Biafra agitator, was never a member of the group.

IPOB said Ekpa was not a registered member of the group’s chapter in Finland and cannot be the leader of the group.

On Thursday, Ekpa, a Finland-based secessionist, was arrested by law enforcement agents in the northern European nation.

He was subsequently sent to prison by the district court of Päijät-Häme for “spreading terrorist propaganda on social media”.

Ekpa was said to have committed the crime in 2021 in Lahti municipality.

The Finnish National Bureau of Investigation (NBI) also arrested four other men over alleged terrorist offences.

In a statement on Friday, Emma Powerful, IPOB’s spokesperson, said Ekpa was a “destructive agent” paid to “infiltrate and destroy” the “peaceful movement” of IPOB.

Powerful accused the Nigerian and Finnish governments of shielding Ekpa from arrest.

“Simon Ekpa was never and is not an IPOB member, let alone being a leader in IPOB. IPOB has some family units in Finland, and Simon Ekpa is not a registered member of any IPOB unit in Finland or any other IPOB unit globally,” the statement reads.

“Mazi Nnamdi Kanu established IPOB as a peaceful movement to seek Biafra Independence via a supervised UN referendum.

“IPOB is a peaceful global movement that has never taken to violence or arms struggle in two decades of our self-determination struggle.

“It was unfortunate that some innocent Biafrans, being passionate for the restoration of the stolen sovereignty of the Biafran Nation, thought that Simon Ekpa was genuinely sympathetic to the Biafra cause.

“Sadly, they had to learn the hard way that he was a destructive agent paid to infiltrate and destroy the IPOB peaceful movement for Biafra self-determination. He recruited violent criminals to destabilize the South East Region in 2021.

“The Simon Ekpa-led group has no alliance, affiliation or relationship with IPOB family worldwide. He recruited his criminal gangs who have been terrorising the Biafran territory since 2021.

“The Nigerian government and politicians that contracted Simon Ekpa have been making strenuous efforts to tag the violent crimes of their agent on IPOB just to blackmail and demonise the genuine and peaceful Biafra self-determination struggle of the Biafran people led by the IPOB.

“On the purported arrest of Simon Ekpa, all IPOB members, Biafrans and lovers of Biafra freedom should remain calm and focused on our core objective which is the restoration of the sovereign state of Biafra.”

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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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