The management of RT Briscoe Nigeria, on Monday, said its audited result for the year ended December 31, 2016 may hit the market late, due to ongoing audit work by KPMG Professional Services, its external auditors.
The delay is expected to arise from the existence of an “emphasis of matter” in the audit opinion that may require reference to the “Financial Reporting Council of Nigeria for review before it is filed with the Nigerian Stock Exchange and announced to the public.”
“Emphasis of Matter” or EOM is a paragraph included in the auditor’s report that refers to a matter appropriately presented or disclosed in the financial statements which in the auditor’s judgment, is of such material importance that it is fundamental to users’ understanding of the financial statements.
The statement dated March 7, 2017 and signed for by Seyi Onajide, the group’s managing director, assured that the FRC review may not go beyond April 28, 2017, for which an extension has been received from the NSE.