Mandatory Audit Firm Rotation in Public Companies (Joint Audit)

The Nigerian Code of Corporate Governance (NCCG) 2018, issued by the Financial Reporting Council of Nigeria (FRC ), provides for a 10-year period for the rotation of auditors to public companies. The code however did not provide a rotation period for audit firms in the case of Joint Auditors. Consequent to the above, the Financial Reporting Council issued the Audit Regulation 2020 which stipulates a maximum period of fifteen years for the rotation of auditors in the case of Joint Audit Arrangement. To ensure a harmonious application of regulations in the Nigerian Capital Market, the Commission, hereby requires all public companies and Capital Market Operators to ensure compliance with the provision of section 9.3 of the Audit Regulation 2020 as issued by the FRCN. Signed Management February 28, 2024