Who can audit my accounts?

In 2026, the question of "who" can audit your accounts is strictly regulated to ensure the integrity of the financial system. Not every accountant is an auditor, and using the wrong person can lead to your filings being rejected by the CAC or the NRS.

To legally audit a company in Nigeria, a person or firm must meet these three non-negotiable criteria:

1. Membership of a Recognized Professional Body

The auditor must be a "Chartered Accountant" in good standing with one of the two bodies established by an Act of the National Assembly:

• ICAN (Institute of Chartered Accountants of Nigeria)
• ANAN (Association of National Accountants of Nigeria)

Note: International certifications like ACCA (UK) or CPA (USA) are highly respected, but on their own, they do not give a person the legal right to sign an audit report in Nigeria. They must first be admitted into ICAN or ANAN.

2. A Valid Practising License

Being a member of ICAN or ANAN is not enough. The individual must hold a current Practising License issued by their professional body.

• This license proves they have undergone specific training in auditing and hold Professional Indemnity Insurance.
• In 2026, you can verify a firm's status on the ICAN or ANAN website to ensure their license is active for the current year.

3. FRC Registration Number

Every auditor must be registered with the Financial Reporting Council (FRC) of Nigeria.

• The auditor is required to sign the financial statements and include their unique FRC Number (e.g., FRC/2026/ICAN/000000...).
• If an audit report is submitted to the CAC or NRS without an FRC number, it is considered invalid.

Who CANNOT Audit Your Accounts?

To maintain "Auditor Independence," the law (CAMA 2020) strictly prohibits the following people from auditing a company:

• Internal Accountants: An employee of your company cannot audit your books. They can do "Internal Audits," but the "External Audit" for the government must be done by an outsider.
• Directors or Officers: You cannot audit your own company.
• Close Relatives: A spouse or sibling of a director or a major shareholder cannot be the auditor.
• Debtors or Creditors: A person who owes the company money or to whom the company owes significant money (excluding professional fees).

Auditor Requirements Summary