Regulatory Alerts2024-03-01
Mandatory Audit Firm Rotation in Public Companies (Joint Audit)
The Financial Reporting Council of Nigeria mandates a maximum fifteen-year rotation period for audit firms operating under joint audit arrangements in public companies. This requirement harmonizes the 2020 Audit Regulation with the existing ten-year auditor rotation rule from the Nigerian Code of Corporate Governance 2018. All public companies and capital market operators must comply with section 9.3 to ensure consistent regulatory application across the Nigerian capital market.
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