By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE) – Nigeria’s Securities and Exchange Commission (SEC) Wednesday directed all operators in the Nigerian Capital Market (NCM) to release only documents signed by a named auditor/partner.
This is coming on the heels of the ruling of the Court of Appeal Lagos, delivered on December 09, 2013 in Suit No. CA/L/178/2011 – KPMG Professional Services & Guinness Nigeria Plc Vs Mazi O. Unegbu which was an appeal against the decision of the Federal High Court Lagos delivered on November 19, 2010.
According to SEC, the ruling is to the effect that any document required to be prepared by any audit firm, shall be signed by a named auditor/partner who must affix his own personal signature and not the name of a firm as signature.
The Commission therefore directs all Capital Market Operators and Consultants to comply with the ruling by ensuring that any document prepared on their behalf by any audit firm for filing with the Commission is signed by a named auditor/partner who MUST affix his/her own personal signature and not the name of the firm as signature.
