Nigeria: Only PenCom Approved Accountants Can Audit PFAs

Only the Chartered Accountants approved by the National Pension Commission (PenCom) are fit to audit the accounts of Pension Fund Administrators (PFAs) once in every year or as otherwise determined by the commission. This is part of the measures put in place by PenCom to ensure the safety of pension fund assets so that retirees can get their entitlements as and when due.

This is line with the regulation on valuation of pension fund asset portfolios issued by regulatory authority in the nation's pension industry to ensure the standardisation of the procedures to be adopted the by licensed operators.

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