KPMG Professional Services says it stands by its audit opinions on Stanbic IBTC’s 2013 and 2014 financial statements.
In a statement by its Nigeria Partner & Chief Operating Officer, Yomi Sanni, the firm said it disagreed with the decision taken by the Financial Reporting Council (FRC), as it does not reflect the true position in the matter.
“We wish to state categorically that KPMG does not agree with the decision taken by the FRC, as it does not reflect the true position in this matter. Our position is that the decision of the FRC is erroneous on its merits and the process that led to it, is significantly flawed and not in compliance with the requirements of the FRC Act.
National Coordinator, Progressive Shareholders Association of Nigeria (PSAN), Boniface Okezie said shareholders were shocked by the actions of the FRC which did not follow procedure as outlined in the regulations. The FRC is currently “operating without the necessary oversight to moderate its excesses.”