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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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IGP directs police officers to wear black bands in honour of Taoreed Lagbaja

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Kayode Egbetokun, the inspector-general of police, has directed officers to wear black bands in honour of Taoreed Lagbaja, the late chief of army staff (COAS).

In a statement signed by Muyiwa Adejobi, the force spokesperson, Egbetokun ordered personnel to wear the bands during the seven-day mourning period.

“This directive is to pay tribute and honour the late General who has shown gallantry, dedication, and passion for fighting violent crimes and insurgency in Nigeria,” the statement reads.

“He was a great leader who deserves to be honoured by all means.”

On Wednesday, President Bola Tinubu ordered that national flags be flown at half-mast in honour of Lagbaja.

Lagbaja died on Tuesday after battling an undisclosed ailment. He was 56-years-old.

He was appointed COAS by Tinubu on June 19, 2023.

Lagbaja enrolled into the Nigerian Defence Academy in 1987.

In September 1992, he was commissioned as a second lieutenant in the Nigerian Infantry Corps as a member of the 39th regular course.

He served as a platoon commander in the 93 Battalion and the 72 Special Forces Battalion.

Lagbaja also participated in various internal security operations, including operation ZAKI in Benue, Lafiya Dole in Borno, Udoka in south-east, and forest sanity in Kaduna and Niger.

The president has appointed Olufemi Oluyede as acting COAS.

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LASEPA seals off churches, hotels over noise pollution

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The Lagos State Environmental Protection Agency (LASEPA) has sealed off some establishments over alleged noise pollution.

The facilities sealed include churches, lounges, nightclubs, bars, and hotels in the Lagos metropolis.

In a statement on Wednesday, Babatunde Ajayi, the general manager of LASEPA, said the move was in line with the agency’s efforts to uphold environmental standards and safeguard public health.

“In a bid to address noise pollution and other environmental violations, LASEPA took action, closing down several establishments across different parts of the state,” Ajayi said.

He noted that the establishments were found guilty of breaching environmental regulations despite multiple warnings from LASEPA.

He reiterated the agency’s zero-tolerance policy on regulatory non-compliance, saying “we will not permit disregard for our regulations”.

Ajayi said the enforcement drive focused on areas like Ogudu, Gbagada, Iyana Ejigbo, Isolo, Ajao Estate, Oshodi, Ilasamaja, and Okota.

He added that the sealed outfits include Honourable Lounge & Lodging, Redeemed Christian Church of God, Celestial Church of God, OMA Night Club and Lounge, and Bridge Spot Bar.

Others are Okiki Event Centre and Hall, Emota Paradise Hotel (Phase 2), CF Hotel & Suites, House 27 Hotel & Suites, Echo Spring Hotel, and Smile T Continental Hotel.

The LASEPA boss urged all businesses to recognise their environmental obligations and work alongside the state government to foster a cleaner and more sustainable Lagos.

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Tinubu approves establishment of Teaching Hospital in Ondo

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The Federal Government has approved the establishment of a teaching hospital in Akure, Ondo State, to support the training of medical students at the Federal University of Technology Akure (FUTA).

President Bola Tinubu has directed the Minister of Health and Social Welfare, Prof. Mohammad Pate, to initiate the necessary arrangements for the establishment of the teaching hospital. Prof. Pate has since dispatched a team to Ondo State to assess the location.

Leading the team, Dr. Jimoh Olawole Salaudeen, Director of Hospital Services at the Federal Ministry of Health, inspected FUTA’s permanent site, designated for the hospital. Salaudeen also visited the Akure Annex of the University of Medical Sciences Teaching Hospital (UNIMEDTH), which will serve as a temporary site for the teaching hospital.

Speaking with reporters after the inspection, Dr. Salaudeen expressed optimism about the hospital’s potential to become operational soon, citing available facilities. “President Tinubu directed that Akure should have a federal teaching hospital,” Salaudeen stated. “We are here to coordinate with the state government and review the site options for establishing the teaching hospital.”

Salaudeen highlighted the urgency of the project, noting that FUTA has begun training medical students, who are now in their third year. “The state government has provided a temporary site, and we are pleased with the infrastructure at the permanent site, including an auditorium, health center, and classrooms,” he said.

He added, “Our goal is to identify equipment needs at the temporary site to create a model federal tertiary hospital that supports student training. The enthusiastic support from the community is encouraging and will facilitate a peaceful learning environment.”

Ondo State’s Commissioner for Health, Dr. Banji Ajaka, affirmed the state government’s commitment to supporting the project, ensuring it aligns with the president’s vision. “We have drafted an MOU and laid groundwork for the medical students to complete their training on schedule,” Ajaka said.

FUTA’s Vice Chancellor, Prof. Adenike Oladiji, expressed relief, saying, “We’ve been concerned about where our medical students would complete their clinical studies. I’m thrilled that the federal government has stepped in to provide a solution.”

Prof. Oladiji also highlighted FUTA’s biomedical engineering department, which aims to contribute to the school of health sciences by producing essential medical equipment. “This initiative aligns perfectly with our commitment to training future health professionals and engineers who can innovate and support the healthcare sector,” she added.

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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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