SEC, CIMA Partners on Compliance with Reporting Standards

Kayode Tokede

The Securities and Exchange Commission (SEC) is set to partner with the Chartered Institute of Management Accounting (CIMA) to ensure compliance with reporting on financial statements by public institutions.

Acting Director General of the Securities and Exchange Commission, Dr. Emomotimi Agama stated this during a meeting with a Team from CIMA led by its President and Vice Chair, Board of the Association, Sarah Ghosh in Abuja on weekend.

 He stated “It is a great time that you have come to Nigeria, SEC is saddled with the responsibility of making the initial decision of ensuring that what is right is done and transparency in reporting financial statements by public companies is ensured. It is now law to do so and there are consequences for breaking the law.”

The Ag. Director General disclosed that the Commission would continue to emphasise that public institutions do what is right using the opportunity of being members of the association to bring innovation to the capital market in Nigeria.

Agama assured that the SEC would continue to propagate what a CIMA qualification can have for its members so that they can partake of the benefits thereof.

 In her remarks, the President of CIMA, Sarah Ghosh stated that the association is centered on innovation, sustainability, and inclusion.

Ghosh said CIMA is approaching more regulatory bodies to ensure that everyone is given the opportunity to understand what the association stands for and its contribution to enhancing reporting on financial statements of public companies.