June 5, (THEWILL)- The Financial Reporting Council of Nigeria (FRC) has suspended an engagement Partner, Abel A.Onyeke, for an initial period of three months.
Onyeke, an Engagement Partner at Nexia Agbo Abel & Co., was suspended over his inability to exercise adequate professional skepticism and due diligence as well as insufficient appropriate audit evidence as required by auditing standards during this engagement.
The development was communicated in a circular dated June 3, and posted on the FRC website.
It reads: “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 following 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.”
