ICANBusiness, Management and FinanceBusiness and its Environment2024

The Financial Reporting Council of Nigeria (FRCN) Act 2011 established the FRCN to, among other things, regulate financial reporting in Nigeria. Which of the following falls OUTSIDE the statutory functions of the FRCN?

ADeveloping and publishing accounting and auditing standards applicable in Nigeria
BInvestigating reported cases of money laundering involving public interest entitiesCORRECT
CRegulating and supervising the activities of audit firms of public interest entities
DPromoting compliance with accounting standards and best practices in financial reporting
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Toaster Teacher
Why the answer is B, and why the others tempt you.
The FRCN Act 2011 empowers the Council to develop standards, regulate auditors of public interest entities, and promote compliance with financial reporting standards. Investigating money laundering is the statutory function of the Economic and Financial Crimes Commission (EFCC) and the Special Control Unit Against Money Laundering (SCUML) under the Money Laundering (Prevention and Prohibition) Act, not the FRCN.
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