Federal Government has directed public interest entities to henceforth obtain the Financial Reporting Council’s (FRC) certificate of registration. The certificate would serve as one of the requirements for the employment of a professional, submission of contract bid, expression of interest, rendering of services by contractors, consultants and other professionals doing business or seeking to do business with public interest entities. Executive Secretary/ Chief Executive of FRC, Jim Obazee, who confirmed these in Lagos, regretted that since the Council commenced registration of professionals, some professional bodies had been operating without the enabling laws, while some had their request for legal backing at different stages at the National Assembly and appealed tom such bodies to ensure that they facilitated their bid for the relevant legislation as FRC does not register professionals whose professional body did not have the enabling law. According to him, the Council had opened its register of professionals in accordance with Section 41 of the Act and commended the Federal Government for assisting the Council in facilitating compliance. Obazee also disclosed that the Council was set to open up its directorate since the Board of FRC had been constituted and enjoined state governments to review their financial management law to ensure a seamless transition to International Public Sector Accounting Standards (IPSAS) this year, adding that FRC would be commencing enlightenment programme on the provisions of IPSAS to prepare public sector entities as applicable, including Valuation, Standards and Actuarial Standards soon. He said that the steering committee on the national code of corporate governance would be completing its discussion on draft in August, pointing out that the issuance of a national Code of Corporate Governance was a very important deliverable that could be used to enhance “our national competitiveness and address some socio-economic issues, including corruption and lack of independence. It is also an opportunity to raise the bar in the public and private sectors and to ensure that there are stiff penalties and that directors are personally liable for their actions and inactions”. All of these, he noted were efforts aimed at improving the country’s investment climate and foreign direct investment flows and enhancement of the nation’s competitiveness and international perception.
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