Section 53: Review and monitoring of auditing standards.(as amened by Section 13 of the Financial Reporting Council of Nigeria (Amendment) Act, 2023.)

(1) The Council shall develop or adopt and keep up-to-date auditing
standards issued by relevant professional bodies and ensure consistency between the standards issued and the auditing standards and pronouncements of the International Auditing and Assurance Standards Board or any other body that may be designated as such and any other international standard setting body relating to the mandate of the Council.
(2) The Council may issue rules and guidelines for the purpose of implementing auditing and accounting standards.