2014-02-05 | BSD/DIR/GEN/LAB/06/025

External Auditors Recommendations in the Management Letters in Banks Audited Financial

This letter addresses unimplemented external auditor recommendations in banks and discount houses' management letters, as required by the provisions of Section 27 of the Banks and Other Financial Institutions Act of 1991. Starting from this point forward, failure to follow auditors' recommendations will lead to penalties under Section 60. Additionally, progress reports must be submitted quarterly for monitoring purposes, and external auditors are now required to provide statements about internal control systems in their audit reports, as per Section 63 of the Investment and Securities Act 2007.

Nigeria

Central Bank of Nigeria

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