Regulatory Alerts2021-03-08
Guidance on the Implementation of Sections 60–63 of the Investments and Securities Act 2007
The Nigerian Securities and Exchange Commission has issued a Framework requiring public companies to establish robust internal controls over financial reporting under Sections 60–63 of the Investments and Securities Act 2007. The guidelines mandate chief executive and financial officers to personally certify financial statements, direct boards to annually assess control effectiveness, and require external auditors to issue independent attestation reports. Effective immediately with compliance reporting starting for the December 2021 financial year-end, the Framework standardizes evaluation procedures to ensure consistent corporate governance and audit outcomes.
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