FRC directs NAICOM to review Alliance & General Insurance Accounts
Thursday, May 24, 2012 / BusinessDay
The Financial Reporting Council of Nigeria, the nation’s accounting and financial reporting standards custodian, yesterday indicted Alliance and General Insurance Limited and Alliance and General Life Assurance Limited for preparing two financial statements for the same year end.
Jim Obazee, executive secretary of the FRC said “The FRC, in collaboration with NAICOM, is currently investigating the 2010 audited financial statements of the two companies referenced above, wherein the companies prepared two sets of financial statements for the same year end . In the course of NAICOM’s review of the 2010 audited accounts submitted to the commission by the above named companies, some errors /lapses were observed and communicated accordingly. Rather than deal with the issues raised in the accounts, the companies provided entirely different sets of accounts , incorporating items that were not originally included in the accounts under review. Curiously, the different sets of accounts were signed by the same auditor – AAE Professionals”, he said.
Obazee noted that NAICOM must review and approve the financial statements of these entities before it gets to the FRC.