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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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Lagos state government issues 48-hour quit notice to FG Ikoyi Towers’ illegal squatters

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Lagos State Government has issued a 48 hours ultimatum to illegal squatters at abandoned Ikoyi Towers, Lagos Island to evacuate.

The State Commissioner for the Environment and Water Resources, Mr. Tokunbo Wahab, gave the notice on Saturday, during an inspection of some identified sites, including the abandoned Federal Government property, Ikoyi Towers.

The Ikoyi Towers, located behind the abandoned Federal Secretariat, Ikoyi, comprise of three blocks of 12 floors, tagged: A, B and C.

Wahab said the quit notice has become necessary to protect lives which is the primary function of any responsible and responsive government.

According to him, “Apart from constituting an environmental nuisance, they are security risk to the state which can be used as hideouts for criminal elements to perpetrate their nefarious acts.

“Lagos State Governor, Babajide Sanwo-Olu is passionate about the well-being and safety of all citizens and would spare nothing to ensure these ate achieved.”

The occupants of the building, who are largely security personnel, appealed to the commissioner to give more time inorder to make proper arrangement for relocation as they have no place to go immediately.

One of the occupants, who simply identified himself as Mallam Abubakar, from Ilorin, Kwara State, said he is a Police Spy, and moved into the building in November 2023.

According to Abubakar,”The agent collected N200, 000, one off rent from each of the occupant, numbering hundreds of us.

“We have our families here. Our children are in schools. Where do we go from here? Government should have compassion on us this harsh economy.”

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Lady dies after friends pushed her into pot of boiling pepper and tomatoes in Delta

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A Nigerian man identified as Israel Joe, has revealed how his friend, Roseline, died after she was pushed into a boiling pot of fresh pepper and tomatoes by her two female friends in Sapele, Delta State.

Joe stated that Roseline, a caterer, went on a trip with her friends to Sapele for a catering job where she tragically passed away on Saturday, April 13.

In a Facebook post on Friday, Joe said that before her untimely death, Roseline confided in him about two of her friends who were treating her coldly.

He urged the Nigeria Police to investigate and arrest the killers of Roseline, pointing out that no progress has been made in the case since her murder.

Joe’s post read, “She was pushed into a big boiling pot of fresh pepper and tomatoes by her friend on Saturday, 13th April. She battled for about two weeks with her roasted/boiled body and finally ḍíęɗ last week Friday 26th April.

“Nobody in the neighborhood in Otokutu knew Roseline had been allegedly kíIIed by these same friends. She was buried with no one to bid her goodbye and with no single bųríaI poster to honour her. Just two days in the morgue, the mørtųarƴ attendants demanded she be carried away to be buried.

“She traveled with them for a catering job in Sapele where they were speaking their local language with this Yoruba girl, Rozzy, not understanding their conversation.

“All of a sudden, she landed in a very big pot of boiling fresh pepper and tomatoes where they even still delayed in rescuing her. She was later rushed to Sage Hospital by Estate in Warri, where they managed the situation, but my friend couldn’t make it.”

Joe said he was pained that those responsible for her death were still walking free.

He added, “What pains me is that these two girls are still walking and gallivanting everywhere like nothing happened. I hate intimidation and oppression, especially against non-indigenous persons. The police must smoke them out so they can face the law. Na God dey help who nor get helper.

E“We shall fight for Rozzy. You can not just be kíIIęɗ like a chicken and bųřried like an aŋímąl. Nobody deserves such a hørribIe dęąth. We never got to meet Rose, only chatting on Facebook due to endless busy schedules only to see you, at the most disgusting sight at Sage Hospital, hoping for your recovery, but dęąțĥ stole you Justice shall prevail, including if you would be exhumed.”

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Stray bullet hits journalist inside Kano government house

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Naziru Idris Yau, a journalist with Abubakar Rimi Television (ARTV), has been hit by a stray bullet inside the government house in Kano state.

TheCable understands that the incident occurred around 6:30pm on Friday during an event to mark the World Press Freedom Day.

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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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