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The Financial Reporting Council of Nigeria (FRC) is set to lead a national conversation on the future of auditing as artificial intelligence increasingly changes how businesses prepare financial reports and how auditors assess corporate information.
The regulator will host its 2026 Audit and Assurance Leadership Summit in Lagos on August 13, 2026, bringing together regulators, auditors, corporate executives, investors and technology professionals to examine the opportunities and risks created by AI in the audit and assurance profession.
The summit is themed “Audit Integrity in the AI Era: Independence, Accountability and Reliable Financial Reporting.”
FRC Turns Attention to AI and Audit Regulation
The growing use of AI in business operations and financial reporting is creating new questions for auditors and regulators.
AI tools can increasingly support processes involved in analysing financial information and conducting audits, but their adoption also raises concerns about accountability, reliability and professional judgement.
Against this backdrop, the FRC says the summit will examine how the profession can benefit from emerging technologies without compromising the credibility of financial statements or public confidence in the audit process.
The discussions are expected to focus on the opportunities, risks and responsibilities that come with deploying AI in audit and assurance.
Independence and Professional Scepticism Remain Critical
As technology takes on a larger role in financial reporting, the FRC is placing particular emphasis on maintaining auditor independence, professional scepticism and accountability.
The regulator’s position reflects the fact that technological tools cannot remove the responsibility attached to financial reporting and assurance.
Auditors will still need to scrutinise information, question unusual results and exercise professional judgement, even where AI systems are used to support the process.
The summit will therefore consider how technology can be incorporated into audit practices while preserving the principles that underpin reliable financial reporting.
Regulators and Industry Leaders to Attend
The event is expected to attract a broad cross-section of Nigeria’s financial reporting ecosystem.
Participants will include audit and assurance professionals, chief executive officers, executive directors, chief financial officers, finance executives, audit committee members, internal auditors, investors and financial analysts.
Academics, corporate governance practitioners, technology and AI specialists, regulators, policymakers and other public- and private-sector stakeholders are also expected to participate.
The wide range of participants reflects the increasingly cross-sector impact of AI on financial reporting and corporate governance.
Policy Updates and AI Discussions on Agenda
The summit will feature keynote presentations from local and international experts, alongside regulatory and policy updates expected to influence the future direction of audit and assurance in Nigeria.
Strategic sessions will examine AI, audit quality and professional ethics, while participants will also consider practical approaches to strengthening assurance and corporate governance in a technology-driven economy.
The FRC said the event will provide an opportunity for stakeholders to examine how the profession can respond to the rapid evolution of AI while maintaining confidence in financial information.
Building a Stronger Audit Framework
Beyond the immediate discussions, the FRC expects the summit to contribute to the development of a stronger audit and assurance framework capable of responding to technological changes.
This is increasingly important as businesses adopt AI across different stages of their operations and reporting processes.
For regulators, the challenge is to ensure that innovation does not outpace the safeguards needed to protect investors, shareholders and other users of financial statements.
The FRC said the discussions will focus on preserving integrity, independence and public confidence as AI adoption accelerates.
Nigeria’s Financial Reporting System Faces New Technology Test
The growing adoption of artificial intelligence is reshaping not only the tools available to auditors but also expectations around the reliability and explainability of financial information.
As organisations increasingly incorporate AI into business processes, auditors and regulators will have to understand how these systems affect the information ultimately presented to investors and other stakeholders.
For Nigeria, the FRC’s planned summit represents an early effort to address these challenges at a national level and prepare the audit profession for a financial reporting environment increasingly influenced by artificial intelligence.
The outcome of the discussions could help shape how Nigeria balances technological innovation with the independence, accountability and professional standards required to maintain trust in its financial reporting system.
