Banks and different monetary establishments (OFI) have acquired three months grace interval to current their audited steadiness sheets 2019 following the extension of the deadline by the Central Financial institution of Nigeria (CBN). The extension comes with a risk of sanction from the CBN.
In accordance with a press release seen by AllNews, the CBN acknowledged that the audited monetary statements in 2019 by banks and different monetary establishments (OFIs), which have been initially scheduled for the month after the primary quarter, can now be submitted earlier than Might 31. July 2020.
Historically, banks submit their monetary statements earlier than the tip of April or make sanctions from the apex financial institution, nevertheless, as a result of disruption of enterprise exercise attributable to the COVID-19 pandemic, the CBN provides to banks and different monetary establishments (OFIs) three extra months.
It needs to be famous that whereas the pandemic has affected exercise within the monetary sector, it has additionally influenced exterior auditors, therefore the extension of the time period. The brand new improvement was contained in a press release seen by AllNews. The CBN has acknowledged that time period defects can be sanctioned.
“In accordance with the provisions of part 27 (1) (a) of BOFIA, all banks and OFIs are required to submit the audited monetary accounts for every monetary 12 months to the CBN for approval earlier than the tip of the fourth month. consequently, the Audited Monetary Statements 2019 ought to have reached the CBN on 30 April 2020 or earlier.
Nonetheless, we famous that the closure of most cities within the nation as a result of pandemic coronavirus has restricted the engagement of Exterior Auditors and the day-to-day operations of all OFIs throughout the nation.
“Due to this fact, the deadline for submission has been prolonged by three months. To keep away from doubt, all different Monetary Establishments are required to current the Audited Monetary Statements 2019 on or earlier than July 31, 2020.”