Section 77: Interpretations.(as amened by Section 23 of the Financial Reporting Council of Nigeria (Amendment) Act, 2023.)

In this Act —
Annual report” means the documents that an entity issues on an annual basis on its affairs, including its financial statements together with the audit report on it, and the report from the Board of Directors;
“Audit” has the same meaning as in the International Federation of Accountants (IFAC) Code of Ethics for Professional Accountants;
“Audit firm” means a firm which provides audit services;
“Auditor” means a professionally qualified Accountant or firm of Accountants appointed to conduct an examination of the records of an enterprise and to form an opinion as to whether the accounts have been prepared in accordance with generally accepted accounting principles;
“Board” means the governing body of the Financial Reporting Council of Nigeria established under section 2 (1) of this Act;
“Code Of Corporate Governance” means the Code of Corporate Governance issued by the Directorate of Corporate Governance in this Act;
“Corporate Governance” means the role of persons entrusted with the supervision, control and direction of an entity;
“Director” has the same meaning given to it under the Companies and Allied Matters Act, No. 3, 2020;
“Entity” means any person or body of persons, whether incorporated or unincorporated;
“Financial reporting standards” mean accounting, auditing, actuarial and valuation standards issued by the Council under this Act;
“Financial statements” means the Statement of Financial Position or balance sheet, income statements or profit or loss account, statement of changes in equity, statement of cash flows, notes, statements and explanatory materials thereon and other documents, as may be prescribed by the Council under this Act;
“Functions” include powers and duties;
“IASB” means the International Accounting Standards Board or its successor body;
“IFRS” means the International Financial Reporting Standards;
“IFRSF” means the International Financial Reporting Standards Foundation;
“IF AC” means the International Federation of Accountants or its successor body;
“IPSASB” means the International Public Sector Accounting Standards Board”;
“Material irregularity” includes fraud, deliberate misstatements of financial statements, falsification and defalcations;
“Minister” means the Minister charged with responsibility of supervising the activities of the Council;
“Offence” includes default in payment of annual dues, submission of returns and other infractions, irregularities committed by entity or individual against the provisions of this Act;
“Official bulletin” means the official journal of the Council;
“Practice” in relation to an auditor, means the practice of the auditor or the audit firm;
“President” means the President of the Federal Republic of Nigeria;
“Professional accountants” means a person who is a member of a body of professional accountancy body established by an Act of the National Assembly and registered with the Council;
“Public interest entities” means —
(a) governments and government organizations;
(b) listed entities on any recognized exchange in Nigeria;
(c) non-listed entities that are regulated;
(d) public limited companies;
(e) private companies that are holding companies of public or regulated entities;
(f) concession entities;
(g) privatized entities in which government retains an interest;
(h) entities engaged by any tier of government in public works with annual contract sum of N1 billion and above, and settled from public funds;
(i) licensees of government; and
(j) all other entities with an annual turnover of N30 billion and above; and
“Qualified report” has the same meaning given to it by IFAC.