Lagos - Nigeria’s insurance regulator, National Insurance Commission (NAICOM) , is planning strict action against external auditors of insurance companies that fail in their responsibilities of auditing accounts of insurance firms in the country, Daily Champion reports.
Nicholas Opara, NAICOM’s Director of Supervision, said the commission had already reported some defaulting auditors to the Institute of Chartered Accountants of Nigeria (ICAN) and Financial Reporting Council (FRC).
He said the commission would likely consider recommending blacklisting these audit firms, which would bar them from carrying out auditing in the insurance sector.
Such move, he noted , would prevent auditors from putting their seals on accounts that the figures do not add up.
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