FRC Enforces Mandatory Registration for Audit and Assurance Firms

The Financial Reporting Council of Nigeria (FRC) has announced the commencement of mandatory enforcement of the National Audit and Assurance Firms Register, effective April 1, 2026. The directive makes it compulsory for all audit and assurance service providers operating in Nigeria to formally register or update their regulatory status with the Council.

The enforcement measure is grounded in Sections 28, 60, and 61 of the Financial Reporting Council Act No. 6, 2011 (as amended), as well as the Audit Regulations 2020. According to the Council, the initiative is designed to strengthen public oversight, enhance transparency, and reinforce trust in Nigeria’s financial reporting framework.

Under the new regime, statutory audit firms, assurance providers, and other related entities must register via the Council’s official online portal. Non-compliance may result in regulatory sanctions, including suspension of operations and invalidation of professional engagements.

The scope of affected firms extends beyond traditional audit practices. It includes actuarial service providers, property and financial valuers, tax assurance specialists, IT systems auditors, sustainability assurance firms, and governance advisory institutions that issue opinions relied upon for public interest decisions.

Financial analysts believe the move aligns Nigeria’s regulatory practices with international best standards, strengthening investor confidence and corporate governance. The FRC maintains that the enforcement initiative will promote accountability and reduce systemic risks in Nigeria’s financial ecosystem.