Regulatory Alerts2017-02-06 | BSD/DIR/GEN/LAB/10/006Application of International Standard on Auditing (ISA) 701 (Communicating Key Audit Matters in the Independent Auditors Report) in the Banking Sector
The letter, addressed to all banks and their external auditors, highlights the requirement to comply with International Standard on Auditing (ISA) 701 for audits of financial statements ending on or after December 15, 2016, in order to create a level playing field within the Nigerian banking industry. The Central Bank of Nigeria (CBN) has obtained concurrence from the Financial Reporting Council of Nigeria (FRCN) for this implementation, and accordingly, auditors' reports for all banks during the applicable periods should adhere to ISA 701.
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