FRC Suspends Abel Onyeke

The Financial Reporting Council of Nigeria (FRC) has suspended Mr. Abel A. Onyeke, the Engagement Partner at Nexia Agbo Abel & Co. over his inability to exercise adequate professional skepticism and due diligence during this engagement as required by auditing standards.

The FRC stated this in a circular titled: “Suspension of Mr. Abel A. Onyeke (Engagement Partner) at Nexia Agbo Abel & Co,” posted on its website yesterday. The circular was dated June 3, 2024.

It stated: “The Council, after the review of one of the Public Interest Entity (PIE) clients of Nexia Agbo Abel & Co., hereby suspends Mr. Abel A. Onyeke, the Engagement Partner of the reporting entity for an initial period of three months effective from 1st of June 2024.

“Mr. Abel Onyeke was found, among others, not to have exercised adequate professional skepticism and due diligence during this engagement as required by auditing standards and he did not obtain sufficient appropriate audit evidence in accordance with relevant standards.

“By this suspension, Mr. Abel Onyeke is not permitted to undertake any audit function/engagement pending the time a full practice review of the firm shall be conducted.”