Section 77: Interpretations.

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 thereon, 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;
"Director" has the same meaning given to it under the Companies and Allied Matters Act, 2004;
"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 balance sheet, income statements or profit and loss account, statement of changes in equity, statement of cash flows, notes, statements and explanatory materials thereon and other documents to be included in a financial statement as required under Companies and Allied Matters Act, 2004 whether interim or final, and any other relevant accounting standards ;
"Functions" include powers and duties;
"IASB" means the International Accounting Standards Board or its successor body;
"IFAC" means the International Federation of Accountants or its successor body;
"Minister" means the Minister charged with responsibility for matters relating to Commerce;
"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 Accountant" means a person who is a member of a body of professional Accountancy body established by an Act of National Assembly and registered with the Council;
"Public Interest Entities" means governments, government organizations, quoted and unquoted companies and all other organizations which are required by law to file returns with regulatory authorities and this excludes private companies that routinely file returns only with the Corporate Affairs Commission and the Federal Inland Revenue Service;
"Corporate Governance" refers to the roles of persons entrusted with the supervision, control and direction of an entity;
"material irregularity" includes fraud, deliberate misstatements of financial statements, falsifications, defalcations, etc. ;
"Qualified report" has the same meaning given to it by IFAC.