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SEC Extends Compliance Date on the Implementation of Sections 60 - 63 of the ISA, 2007

Nov 08, 2021   •   by   •   Source: Proshare   •   eye-icon 2046 views

Monday, November 08, 2021 / 01:47 PM / by SEC Nigeria /Header Image Credit: SEC Nigeria


Further to our circular on the framework for the implementationof Sections 60 to 63 of the Investments and Securities Act, 2007, publishedon Monday, March 08, 2021 in the Guardian and Business Day newspapers, whereindirectors are required to implement relevant internal controls over financialreporting and Auditors are required to review same and issue a statement on itsexistence, adequacy and effectiveness or otherwise, the Commission herebyapproves a two-year extension for the implementation of the Framework andcompliance, from December 31, 2021 to December 31, 2023.


The Framework which can be found on the Commission'swebsite covers the following:


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  1. Personalised Certification

Chief executive officers and the chief financialofficers or officers or persons performing similar functions in publiccompanies filing periodic or annual reports would each sign a personalizedcertification of their compliance with the requirements of the referencedsections of the ISA, 2007.


  1. Duty of Directors on Internal Control

A public company shall establish a system of internalcontrols over its financial reporting and security of its assets and it shallbe the responsibility of the board of directors to ensure the integrity of thecompany's financial controls and reporting.


  1. Management's Annual Assessment of, and Report on, the Company's Internal Control over Financial Reporting

The board of directors of a public company shallreport on the effectiveness of the company's internal control system in itsannual report. The annual report shall contain a statement of the management'sresponsibility for establishing and maintaining adequate ICFR for the companyand a statement identifying the control framework used by management to conductthe required evaluation of the effectiveness of the company's internal controlover financial reporting.


  1. Duty of External Auditors to report on internal controls of public companies

The external auditor of a public company shall issue astatement as to the existence, adequacy and effectiveness or otherwise of theinternal control system of the public company and the report shall be close tothe corresponding attestation report (opinion page) issued by the company'sexternal auditor as a result of the normal audit, or in a portion of thedocument immediately preceding the company's financial statement.


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