By Juliet Ezeh
The Financial Reporting Council of Nigeria has announced a firm deadline for the registration of all audit and assurance service providers, signalling a major shift in the regulation of the country’s financial reporting ecosystem. Starting 1 April 2026, firms that fail to appear on the National Audit and Assurance Firms Register will be barred from conducting audit or assurance engagements in Nigeria.
The regulator said the move is designed to enhance transparency, strengthen accountability, and protect public confidence in financial reporting. The register, which has been under development for several years, now becomes a mandatory compliance requirement under Sections 28, 60, and 61 of the Financial Reporting Council of Nigeria Act No. 6, 2011 (as amended), as well as the Audit Regulations 2020.
“All audit and assurance service providers operating in Nigeria including statutory audit firms, actuarial service providers, valuation experts, IT assurance firms, legal advisory firms providing assurance opinions, and sustainability assurance practitioners must be registered or risk legal sanctions,” the Council stated.
Firms that do not complete registration or update their profiles by 31 March 2026 will be excluded from the official register, which the FRC will publish and maintain online from April 1. Any audit or assurance work carried out by unregistered firms will be considered unlawful, attracting penalties under the FRC Act.
The Council also directed that public interest entities, government agencies, regulated institutions, and private companies must verify the registration status of any audit or assurance provider before engagement and throughout the period of the assignment. Failure to comply, it warned, would also constitute a violation of Nigerian law.
“This enforcement initiative represents a critical step in elevating audit and assurance standards in Nigeria to global benchmarks,” the FRC said, urging all affected firms to register immediately and stakeholders to check the register regularly to ensure compliance.
Industry experts have described the move as a decisive effort to professionalise the audit sector, reduce the risk of financial misreporting, and reinforce investor confidence. By mandating registration, the FRC aims to close gaps that have allowed some unregulated players to operate in Nigeria’s audit market, ensuring that only qualified, verified professionals provide critical financial reporting services.
With the April deadline approaching, firms are now under pressure to complete registration or risk being legally prohibited from practising, making the FRC’s initiative one of the most significant regulatory interventions in recent years for the Nigerian financial sector.
Juliet Ezeh is the founder and chief reporter at Westbridge Reporters with over 7 years of experience in journalism. She covers crime, industry, policy, and social developments, delivering timely and accurate reporting.