b. (i) The Objective of Financial Reporting Council of Nigeria (FRCON):
(i) Protect investors and other stakeholders’ interest.
(ii) Give guidance on issues relating to financial reporting and corporate governance to professionals, institutional, and regulatory bodies of Nigeria.
(iii) Ensure good corporate governance practices in the public and private sectors of the Nigerian economy.
(iv) Ensure accuracy and reliability of financial report and corporate disclosure in pursuant to the various laws and regulations currently in existence in Nigeria.
(v) Harmonize activities of relevant professional and regulatory bodies as relating to corporate governance and financial reporting.
(vi) Promote the highest standards among auditors, and other professionals engaged in financial reporting process.
(vii)Enhance the credibility of financial reporting.
(viii)Improve the quality of accounting and audit services, actuarial valuation and corporate governance standards.

(ii) Ethical issues:
(i) Engaging a professional suspended by FRCON without the consent of the council.
(ii) Obstruction of Financial Reporting Council Inspector from doing their work.
(iii) Issue of financial statement which do not comply with relevant financial reporting standard.
(iv) Failure to submit signal financial statements to FRCON within specified period.
(v) Failure of the Chief Finance Officer (CFO) of an entity who is a signatory to the financial statement to register with FRCON.