The Financial Reporting Council (FRC) of Nigeria has announced that enlistment on the National Audit and Assurance Firms Register will become mandatory for all audit firms and assurance service providers operating in the country from April 1, 2026, warning that only listed firms will be legally allowed to undertake audit or assurance engagements.
The directive, disclosed in a statement issued at the weekend, forms part of the Council’s efforts to strengthen public oversight, transparency and confidence in Nigeria’s financial reporting system.
The FRC said the enforcement is pursuant to Sections 28, 60 and 61 of the Financial Reporting Council of Nigeria Act No. 6, 2011 (as amended) and the Audit Regulations 2020 and that it followed earlier public notices on the registration and classification of audit and assurance firms.
Under the new regime, all statutory audit firms and other assurance service-providing firms are required to register or update their regulatory profiles through the Council’s official online portal. The requirement also applies to Assurance Service Providing Firms whose work involves assurance, attestation, verification, certification, or the issuance of independent opinions relied upon for financial reporting and public-interest purposes.
The Council clarified that affected firms include those providing actuarial services, property and business valuation, financial valuation, tax assurance, information technology and systems assurance, legal advisory services involving assurance-related opinions, as well as corporate governance, compliance and sustainability assurance services.
As part of the enforcement framework, the FRC said it will publish the National Audit and Assurance Firms Register on its website from April 1, 2026, with regular updates thereafter. Firms that fail to complete registration or update their status on or before March 31, 2026, will not be listed.
The Council warned that only firms on the Register will be permitted to undertake, accept or continue audit or assurance engagements in Nigeria, stressing that any engagement carried out by an unregistered firm would amount to a violation of Nigerian law and attract sanctions under the FRC Act and the Audit Regulations.
In a strong compliance notice, the FRC also cautioned Public Interest Entities, government institutions, regulated entities and private organisations that it will be unlawful from April 1, 2026, to engage any audit or assurance service provider not listed on the Register.
It added that reporting entities must verify the registration status of both the audit firm and the signing audit professional before appointment and throughout the duration of any engagement, noting that the Register will be reopened yearly.
According to the Council, audit or assurance engagements conducted by unregistered firms will be deemed invalid with regulatory sanctions applicable to both the engaging entities and their responsible officers.
The FRC urged all affected firms to complete their registration promptly and advised stakeholders to consult its official platforms for verification and compliance information.