CFI, Mohammed Kari
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Chuks Udo Okonta
The National Insurance Commission (NAICOM) has referred the 2015 account submitted by African Alliance Insurance Plc to the Financial Reporting Council (FRC) for clarifications of some issues.
Head, Corporate Affairs NAICOM, Rasaaq Salami, said the account was referred in line with Rule 5 of the Financial Reporting Council Act 2011.
The rule provides that the FRC shall receive copies of all qualify reports together with detailed explanation for such qualifications from auditors of the financial statements within a period of 30 days, from the date of such qualification and such reports shall not be announced to the public until all accounting issues relating to the reports are resolved by the council.
The rule defines qualified report as (all reports including emphasis on matters, qualified, adverse, disclaimer etc) other than unqualified reports issued by external auditor on annual report, financial statements, accounts financial returns and other documents of a financial nature.
According to NAICOM, as of January 13, 2017, the accounts of 47 firms have been approved, while those of NICON Insurance; Great Nigeria Insurance Plc and Investment and Allied were queried and Universal Insurance Plc and Nigerian Agricultural Insurance Corporation accounts are undergoing review process.
The commission noted that it is yet to receive the 2015 accounts of Goldlink Insurance Plc; Industrial and General Insurance Plc; Alliance and General Life Assurance; Alliance and General Assurance and SpringLife Assurance Plc.