FRC Mandates Registration of Audit, Assurance Firms from April 1

The Financial Reporting Council of Nigeria (FRC) has announced that all audit firms and other assurance service providers operating in the country must mandatorily register with the Council or update their regulatory profiles, with the directive taking effect from April 1, 2026.

The Council, which serves as Nigeria’s statutory regulator responsible for maintaining independent public oversight over accounting, auditing, actuarial practice, valuation, sustainability reporting, and corporate governance standards, said the directive is aimed at strengthening regulatory compliance and transparency within the nation’s financial reporting ecosystem.

In a notice issued to stakeholders, particularly audit firms and assurance service providers, the FRC said the move is in line with the provisions of the Financial Reporting Council of Nigeria Act No. 6, 2011 (as amended) and the Audit Regulations 2020.

According to the Council, all firms providing statutory audit or other forms of assurance services in Nigeria must register through the official FRC registration portal or update their existing regulatory profiles.

The directive applies to statutory audit firms as well as All Assurance Service Providing Firms (AASPFs) whose work involves assurance, attestation, verification, certification, or the issuance of independent opinions relied upon for financial reporting and public interest purposes.

Such firms include those offering consultancy and assurance-related services in areas such as actuarial practice, property and business valuation, financial valuation, tax assurance, information technology and systems assurance, corporate governance and compliance advisory, sustainability assurance, and legal advisory services involving assurance-related opinions.

The Council disclosed that it will publish the National Audit and Assurance Firms Register on its website beginning April 1, 2026.

The register will serve as the official record of all eligible audit and assurance service providers authorised to operate in Nigeria and will be updated periodically.

The FRC warned that firms that fail to register or update their status by March 31, 2026 will be excluded from the register and will not be legally permitted to undertake, accept, or continue any audit or assurance engagement in the country.

It further stated that any engagement carried out by an unregistered firm would constitute a violation of Nigerian law and attract sanctions under the FRC Act and the Audit Regulations 2020.

The Council also issued a compliance advisory to public and private sector entities engaging audit and assurance services.

It stated that, effective April 1, 2026, it will be unlawful for any public interest entity, government institution, regulated entity, or private organisation to appoint or retain an audit or assurance service provider that is not listed on the National Audit and Assurance Firms Register.

Chief financial officers, audit committees, accounting officers, and other responsible officials are required to verify the registration status of both the audit firm and the signing audit professional before appointment and throughout the duration of any engagement.

The FRC warned that any audit or assurance engagement conducted by an unregistered firm would be deemed invalid, and such non-compliance could expose both the engaging entity and its responsible officers to regulatory sanctions in line with applicable Nigerian laws and regulations.

The Council urged all affected firms to complete their registration or update their profiles through the official FRC portal before the deadline.

Stakeholders can access the registration portal and the National Audit and Assurance Firms Register through the FRC’s official website, while enquiries may also be directed to the Council via its its designated contact channels.
The directive forms part of broader efforts by the FRC to strengthen oversight of the audit and assurance industry and enhance credibility in Nigeria’s financial reporting framework.