- 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 recordingWatch the full recording here
FMA – audit quality improving, but concerns remain
The FMA’s annual review of the systems, policies and procedures of registered New Zealand audit firms and licensed auditors is out.Read more
Audit Quality Monitoring Report
FMA's quality reviews help improve audit quality standards and ensure audit opinions are reliable. These reviews also help us to achieve our strategic goal of ensuring that investors have access to resources that help them make better-informed financial decisions.Read more