The apex regulatory body for the Nigerian capital market, the Securities and Exchange Commission (SEC), established by the Investment and Securities Act, 2007 (ISA) oversees compliance by companies, of the provisions of the ISA. Although, the ISA is not a relatively new legislation, SEC observed that its provisions, especially as it relates to public companies set out in sections 60 to 63 have not been complied with by stakeholders.
It therefore released a circular dated March 8 2021 on the Guidance on Implementation of Sections 60 to 63 of the ISA. Further to this, SEC on November 8 2021 further approved a two-year extension for the implementation of this framework. The extended period shall span from December 31 2021 to December 31 2023.
The released guidance for the implementation of the provisions of sections 60 to 63 of the ISA 2007 provides that “directors are required to implement relevant internal controls over financial reporting and Auditors are required to review same and issue a statement on its existence, adequacy and effectiveness or otherwise”.
Click here to access the Guidance
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