Section 23: General offences.

(1)
Any person who fails to comply with the prescribed statement of accounting standards in preparation of a financial statement commits an offence and shall be liable on conviction to a fine of N5,000,000 or to imprisonment for a term not exceeding one year or to both:
Provided that the Board shall bring such non-compliance to the notice of the preparer of such financial statement and the preparer fails to withdraw and amend the financial statement within 60 days from the date of the notice.
(2)
The Board shall, subject to approval of the Minister, review the amount stated in subsection (1) of this section.
(3)
Any accountant, auditor or firm of accountants found liable under this Act commits an offence and shall, in addition to a fine provided for in subsection (1) of this section be liable on conviction to-
(a) in the case of an individual-
(i) imprisonment for a term not exceeding one year; and
(ii) outright proscription or de-listing for such period as the Court may deem fit to order in the circumstances;
(b) in the case of a firm of accountants to outright proscription or delisting for such a period as the Court may deem fit to order in the circumstance.