Presidential assent to Federal Audit Service Bill (2)

The Federal Audit Service Bill has received presidential assent, marking a significant step towards enhancing Nigeria's federal audit system. The legislation aims to align the country's auditing practices with the Lima Declaration of Guidelines on Auditing Precepts, which emphasizes the importance of auditing in public financial administration. By establishing a robust framework for auditing, the Bill seeks to ensure accountability and transparency in the management of public funds, enabling timely identification of deviations from established standards and facilitating corrective actions. This development is expected to strengthen the regulatory system governing public financial management in Nigeria.

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