The Financial Reporting Council of Nigeria (FRC) has urged auditors and other stakeholders in the financial reporting ecosystem to embrace artificial intelligence (AI) while ensuring that its adoption does not compromise professional judgment, auditor independence and public trust.
Rabiu Olowo, executive secretary and chief executive officer of the FRC, made the call at the 2026 Audit and Assurance Summit hosted by the council, noting that the rapid adoption of AI and other emerging technologies was transforming the audit profession.
He said technologies such as machine learning, predictive analytics, intelligent automation, data analytics and continuous auditing were changing how financial information is generated, processed, analysed and reported.
According to Olowo, AI is already enabling auditors to analyse significantly larger volumes of data, improve fraud-risk assessment and enhance the efficiency and coverage of audit engagements.
“This development presents enormous opportunities. Artificial intelligence can enable auditors to analyse significantly larger volumes of data. In fact, I think at a conference last week, the concept of sampling is no longer a thing.
