Experts have expressed support for the Financial Reporting Council [FRC] to review financial statements of government entities contrary to criticisms in some quarters.

They argued that apart from the fact that such exercise is in line with the FRC Act 6, 2011, reviewing financial statements of the entities will further strengthen profitability and value for money for the nation among other benefits. The Financial Reporting Council of Nigeria [FRCN] is an agency in the Federal Ministry of Industry, Trade and Investment, established by Act 6 of 2011.

Recall that the Council, through the Executive Secretary, Ambassador Shuaibu Ahmed, recently disclosed in Abuja, that it has begun a review exercise of financial statements of selected agencies in line with its constitutional mandate. Amed also assured that the council remains resolute despite the fact that some financial statements already seen were enmeshed in questionable financial wrongdoings.

In his contributions, a Senior Director in FRC, who does not want to be mentioned, told The Guardian that the ongoing review exercise of the entities by the council is aimed at promoting trade and investment by ensuring that transparency, accountability is strictly adhered to by the agencies financial statements.