Council Begins Enforcement Of National Audit, Assurance Firms’ Registration By April

The Financial Reporting Council of Nigeria (FRC) has announced that from April 1, 2026, registration on the National Audit and Assurance Firms Register will become mandatory for all audit firms and assurance service providers operating in the country.

The council said the directive is part of its ongoing reforms aimed at strengthening public oversight, enhancing transparency and boosting confidence in financial reporting in Nigeria.

According to FRC, the enforcement is anchored on Sections 28, 60 and 61 of the Financial Reporting Council of Nigeria Act No. 6, 2011 (as amended), as well as the Audit Regulations 2020, and follows earlier notices on the registration and classification of audit and assurance firms.

Under the new framework, all statutory audit firms and other assurance service providers are required to register or update their profiles with the Council via its official online portal. The requirement extends beyond conventional audit practices to include Assurance Service Providing Firms whose work involves assurance, attestation, verification, certification, or the issuance of independent opinions relied upon for financial reporting and public-interest purposes.

According to the Council, the scope of affected firms includes entities that offer actuarial services, property and business valuation, financial valuation, tax assurance, information technology and systems assurance, legal advisory services involving assurance-related opinions, as well as corporate governance, compliance, and sustainability assurance services.

As part of the enforcement process, the FRC disclosed that the National Audit and Assurance Firms Register will be published on its website from April 1, 2026, and updated periodically. Firms that fail to complete registration or update their status on or before March 31, 2026, will not be listed.

The Council warned that only firms appearing on the Register will be legally permitted to undertake or continue audit and assurance engagements in Nigeria, stressing that engagements carried out by unregistered firms will constitute a breach of the law and attract sanctions under the FRC Act and Audit Regulations.

It further cautioned Public Interest Entities, government institutions, regulated entities and private organisations against engaging unregistered audit or assurance firms from the effective date, noting that such appointments would be unlawful.

Reporting entities are also required to verify the registration status of both the audit firm and the signing audit professional before appointment and throughout the engagement period, as the Register will be reopened annually. The FRC added that engagements conducted by unregistered firms will be deemed invalid, with sanctions applicable to the engaging entities and their responsible officers.

The Council urged all affected firms to complete their registration promptly and advised stakeholders to rely on its official platforms for verification and compliance-related information.