Section 7: Power of the Council.

(1) The Council shall have powers to do all things necessary for or in connection with the performance of its functions.
(2) Without prejudice to the generality of sub-section (1) of this section, but subject to the provisions of this Act, the Council shall have the power to:
(a) enforce and approve enforcement of compliance with accounting, auditing, corporate governance and financial reporting standards in Nigeria;
(b) enter into such contracts as may be necessary or expedient for the purpose of discharging its functions;
(c) borrow such sums of money or raise such loans as it may require for the purpose of discharging its functions;
(d) co-operate with, or become a member or an affiliate of any similar international body the objects or functions of which are similar to, or connected with those of the Council ;
(e) exercise such powers as are necessary or expedient for giving effect to the provisions of the Act;
(f) require management assessment of internal controls, including Information Systems controls with independent attestation ;
(g) require code of ethics for financial officers and certification of financial statement by Chief Executive Officer and Chief Financial Officer;
(h) require entities to provide real time disclosures on material changes in financial conditions or operations ; and
(i) pronounce forfeiture, by Chief Executive Officers and Chief Financial Officers, of certain bonuses received from the company and profits realized from the sale of company shares owned by them, where the company is required to prepare an accounting restatement.