Risk mitigation

Part 6 - Mitigation - The Gambian View from Nigeria: COVID 19 & Corporate Africa

Part 6 - Mitigation - The Gambian View from Nigeria: COVID 19 & Corporate Africa

This is Part 6 of a 9 part series of 4 min interviews with Corporate Leaders on the COVID 19 experience of Corporate Africa. Part 6 interviews Lamin Manjang, the Group CEO for West Africa operations of Standard Chartered Bank. His previous assignments with the Bank recently included a stint as Group CEO of the Bank's East Africa operations.

In Part 6, Lamin responds to the second of three questions:

"How well did Corporate Africa mitigate the risks of the COVID 19 pandemic? What lessons have been learnt?".

Part 4 - The West African View from Ghana: COVID 19: The Experience of Corporate Africa

Part 4 - The West African View from Ghana: COVID 19: The Experience of Corporate Africa

This is Part 4 of a 9 part series of 4 min interviews with Corporate Leaders on the COVID 19 experience of Corporate Africa. Part 4 interviews Sadia Chinery-Hesse, Group Head, Legal & Company Secretary, Enterprise Group West Africa. Enterprise are an insurance company headquartered in Ghana, with operations in Nigeria and The Gambia.

Nigeria Financial Reporting Council provides guidelines on the execution of External Audits in the context of COVID 19

Where the impact of Covid-19 is, in the auditor's professional judgment one of the most significant matters having an impact on the audit of the financial statements, including those which had the greatest effect on: the overall audit strategy; the allocation of resources in the audit; and directing the efforts of the engagement team, then the auditor considers reporting this as a key audit matter for entities mandated to report key audit matters.

"Given the severity of the COVID-19 pandemic and its consequential impacts on employees, mobility, the financial systems, and the economy, it is very likely that auditors may encounter scope limitations or complex auditing and accounting issues which may require audit teams to consider modifications to audit opinions.

"Audit firms' Quality leaders/engagement partners are encouraged to reach out to the Council if there are any matters, they would require the support or clarification of the Council," it stated..."