KPMG, a multidisciplinary, professional accounting and business advisory services firms, has called for better stakeholder engagement against the backdrop of new regulatory guidelines being introduced by the Financial Reporting Council (FRC) that will impact on the nation’s corporate governance and economy as it organised a one-day seminar for shareholders under the aegis of the Nigeria Shareholders’ Solidarity Association (NSSA).
Speaking on the sidelines of the event held in Lagos, recently, Tola Adeyemi, partner and head, audit services, KPMG, said the purpose of the seminar was to develop the capacity of the audit committees members of the shareholders associations across the country due to the critical roles the audit committees play in the corporate governance framework of Nigeria.
Adeyemi said: “For them (audit committees) to play that role more effectively, they need to be kept up-to-date on latest developments. They also need to be aware of issues both from the regulatory perspective and how they impact their companies and of course from a financial and economic perspective.”
On his take-away from the seminar, he said there was need for awareness about regulatory issues among audit committee members as these impact their companies from a financial and economic perspective.
Read also: IOSCO continues work to strengthen global securities markets
“This year, we focused on regulatory issues because you would appreciate that all companies, all businesses operate within a regulatory environment. And its important for companies to be able to understand not just the current regulations but also the future direction of regulation and to participate in that process.
“When we have engaged with regulators, one feedback they tell us is that ‘well, when we were coming up with new regulations, we called for inputs and nobody spoke at that time. Its only when we’ve come out with the law that everyone is now complaining.
“I think one of the key take-aways from this conference we had here today is that message to stakeholders, audit committee members to say, ‘get involved in a proactive basis in shaping regulation. So, our message to them has been that ‘look, there are things that are out there that the regulators are thinking about; get involved in shaping the final output,” he said.
Earlier, Gbolahan Elias, a professor of law at Babcock University, and partner, Gbolahan Elias and Co., delivered the first lecture of the day on ‘Regulatory Contradictions: What is the Way Out,’ in which he spoke on De-listing: Legal Remedial Options for Disaffected SSAs.
This was followed by another lecture on ‘Recent Regulatory and Fiscal Developments: Suggested Audit Committee Response’ in which he urged the association to actively respond to the FRC’s move to ensure that mandatory joint audits become the standard practice among other issues like the proposed Unified Code of Corporate Governance.
While delivering his opening address, T.A. Adesiyan, president of NSSA, thanked KPMG for organising the seminar which he said was bound to improve the capacity of t he NSSA members.
OLUSEGUN ABISOYE
