Date posted: 8/12/2020

Watch FMA talk about the audit quality monitoring report and key focus areas

In 2019/20, the FMA inspected 20 audit files indicating the number of findings per audit file has reduced over the years.

In brief

  • In 2019/20, the FMA reviewed 20 audit files from a range of audit firms, focusing on particular areas such as governance, conflict of interest and accountability
  • The overall number of findings have decreased over the years, which shows the audit quality is improving
  • FMA noted that the firms had invested heavily in the quality control space, for example, additional staff in the area of quality control function

The Financial Markets Authority recently discussed key messages from their 2019/20 Audit Quality Monitoring Report and future focus areas during the 2020 CA ANZ Audit Conference in New Zealand. 

During the session, the FMA touched on the following:

  • What the FMA has seen in the 2019/20 audit inspection results 
  • The FMA’s response to Covid-19 and future focus
  • International developments
  • Trends in 2019/20 including financial statement disclosure and auditors response to fraud risk
  • Enhanced auditor reporting and Key Audit Matters

The session also included interactive question and answers. 

FMA audit conference recording

Watch the full recording here

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