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Solving Your Business Risks

    Businesses face a myriad of challenges that leave them vulnerable to many forms of risk, including regulatory, reputational and litigation, among others. Evolving legal and ethical obligations pose constant challenges to a business and often in-house counsel are on the front ... Read More

Demystifying the International Financial Reporting Standards.

IFRS Immersion Course For Accountants, Auditors & Finance Personnel This 3-Day IFRS immersion training has been designed to teach in-depth knowledge about IFRS with practical application examples.The training sessions will be led by subject-matter professionals with deep IFRS and Nigeria Statement of Accounting Standards experience. Attendance at this programme will provide the participants opportunity to discuss practical issues on application of IFRS and to ensure effective compliance with IFRS. Certificates will be awarded to all ... Read More

PML ADVISORY PARTNERS WITH E-TRENDS TECHNOLOGY INDIA

   Indian based accounting solution company, E-trends Technologies India has  signed a partnership deal with PML  advisory limited to provide solution to the  mounting challenges  of managing , controlling and reporting internal  audit  system that are confronting emerging and ... Read More

Your SME Needs a Financial Plan

    A financial plan is a forecast of future performance for a business, usually prepared using spreadsheet software. Small businesses can benefit greatly from taking the time to do a financial plan at least annually. The plan helps a small ... Read More

Seven Steps To An Effective Risk Based Audit

  An important in the internal auditor's toolbox, risk-based auditing effectively serves the three primary roles of internal auditing — to provide feedback on the adequacy of internal control, to provide a source of information for monitoring risk, and to provide identification and communication ... Read More

Your Company Needs A Better Risk Management Approach

  The world has learned the hard way over the past year that most companies have done a bad job of managing risk. And not only banks and investment firms. Accenture’s Global Risk Management Study  found that executives at business enterprises across a wide range of industries believe overwhelmingly that they ... Read More

External Auditors: An Ally or Opponent?

  External Auditors: An Ally or Opponent? Unfortunately, the finance departments of many companies mistakenly believe that having an external audit annually is part of their internal control structure they can rely on to ensure their financial statements are accurate and their internal controls are sound.   While the objective of an external audit ... Read More

What are the benefits of having professional financial advice?

Professional financial advisors have years of training, tools, and experience working with many different clients and situations. Because of their broad experience, professional advisors can quickly assess your needs and offer advice that reflects the best practices of the financial industry and is appropriate for your particular needs. In addition, and ... Read More

NEWS: “IFRS will promote corporate governance” – FRC

The Financial Reporting Council of Nigeria (FRCN) has said the convergence to the International Financial Reporting Standards (IFRS) by Nigeria will promote corporate governance in the country. This, according to the Council, will also enhance foreign direct investments and national economic growth. Chairman, Governing Board of the FRCN, Mrs. Maryam Ladi Ibrahim ... Read More

Do Good Accountants Always Do Good Audit?

In 2002, the President of United States passed into law the Sarbanes-Oxley Act of 2002 addressing corporate accountability. A response to the financial scandals that undermined citizens’ confidence in U.S. business and perhaps most important, though, it puts the accounting industry under tightened federal oversight. It creates a regulatory board—with ... Read More

Solving Your Business Risks

Enhancing the Reliability of Financial Reporting

Internal Control over Financial Reporting (ICFR) is a fundamental component of sound corporate governance for Public Interest Entities (PIEs). It provides reasonable assurance that financial transactions are accurately recorded, authorized, and reported in accordance with applicable accounting standards and regulatory requirements. By embedding effective preventive and detective controls throughout financial processes, ICFR strengthens the integrity, completeness, and accuracy of financial statements, thereby reducing the risk of material misstatements arising from error or fraud.

Driving Investor Confidence and Stakeholder Trust

Reliable financial reporting is critical to maintaining the confidence of investors, regulators, creditors, and other stakeholders. An effective ICFR framework demonstrates management's commitment to transparency, accountability, and financial discipline. This enhances the credibility of published financial information, supports informed decision-making by capital market participants, and reinforces the reputation of PIEs as responsible stewards of public and shareholder resources

Mitigating Regulatory and Compliance Risk

Given the heightened regulatory oversight applicable to Public Interest Entities, robust ICFR plays a vital role in ensuring compliance with financial reporting obligations and governance requirements. Well-designed and effectively operating controls enable organizations to identify and address deficiencies proactively, reduce the likelihood of regulatory breaches, financial penalties, and reputational damage, and support timely remediation where control weaknesses are identified. Ultimately, a strong ICFR framework promotes operational resilience, strengthens governance, and contributes to the long-term sustainability of the organization.

Navigating Nigeria's ICFR Requirements

The Financial Reporting Council (FRC) of Nigeria issued the Guidance on Management Report on Internal Control over Financial Reporting (ICFR) in November 2022, pursuant to Section 7(2)(f) of the Financial Reporting Council of Nigeria Act, 2011 (as amended). The Guidance introduced mandatory annual management assessment and reporting on the effectiveness of Internal Control over Financial Reporting for Public Interest Entities (PIEs), with independent auditor attestation.

CategoryMandatory ICFR Reporting Timeline
Public CompaniesEffective for annual reports beginning 31 December 2023
Other Public Interest Entities (Private PIEs)Effective for annual reports ending on or after 31 December 2024
Government/Public Sector AgenciesOriginally effective for 31 December 2024, with a one-year waiver granted by the FRC. Mandatory submission now applies to 2025 audited financial statements filed in 2026.

How PML Professional Services Supports Your Organization

PML Professional Services provides end-to-end ICFR advisory, implementation, and review services designed to help Public Interest Entities achieve sustainable compliance while strengthening financial governance. Leveraging deep expertise in governance, risk management, internal controls, and financial reporting, our team works collaboratively with management to build an efficient and risk-based ICFR framework aligned with regulatory expectations and internationally recognized leading practices.

Our ICFR service offerings include:

At PML Professional Services, we recognize that ICFR compliance extends beyond meeting regulatory requirements, it is an opportunity to strengthen governance, enhance operational discipline, improve investor confidence, and establish a resilient financial reporting environment capable of supporting long-term organizational growth.

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