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2016 PUB BC Auditing the auditors - 17 June.pdf
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From 1 July, the Financial Markets Authority (FMA) will
perform its audit quality reviews in-house, using FMA staff and
contractors.
Previously the work has been contracted to the New Zealand
Institute of Chartered Accountants. The FMA will maintain the same
auditor regulation focus as has applied in the past and will aim
for the same three year review cycle.
Stronger audits for the auditors an FMA priority
As we have previously
reported, the FMA made lifting auditor standards a priority
after its 2014-2015 audit quality annual review found that the
majority of audit firms were falling short in some aspects of their
performance.
