BY NKECHI NAECHE-ESEZOBOR–The Financial Reporting Council (FRC) has confirmed that it is undertaking a review of the financial statement of Pension Fund Administration (PFAs) and Pension Fund Custodians (PFCs) over the last couple of weeks.
The Executive Secretary, Financial Reporting Council (FRC), Ambassador Shuaibu Ahmed who disclosed this in Abuja said the council is also getting set to invite them for inspection meetings with auditors.
“We’ve undertaken a review of all the financial statements of the banks and pension fund administration and pension custodians over the last couple of weeks.
“The next step is to invite them for inspection meetings with the auditors and the entities to come and clear themselves because we’ve found quite a lot of infractions with the statements and after that, the next thing is to penalize them.”
He noted that it was the only way to enhance the quality of financial reporting and make entities and individuals compliant with the Act.
“This is the only way we can enhance the quality of the our financial reporting and make entities and individuals to be compliant with the act.”
