18 October 2012
The Financial Markets Authority has today accredited accounting body CPA Australia to license auditors who carry out issuer audits in New Zealand.
Under the Auditor Regulation Act 2011, auditors who carry out issuer audits must be licensed and audit firms must be registered.
In becoming an accredited body, CPA Australia will be responsible for supervising the auditors it licenses and for following up any breaches of their obligations.
FMA CEO Sean Hughes said today's announcement establishes an important regulatory relationship between FMA and CPA Australia.
"FMA expects CPA Australia to effectively discharge its functions and responsibilities under the Act," Mr Hughes said. "These are designed to promote the quality, expertise and integrity of auditors who carry out issuer audits in New Zealand, and assist the recognition of their professional status overseas."
"I look forward to growing and maintaining a constructive working relationship with CPA Australia," Sean Hughes said.
The New Zealand Institute of Chartered Accountants (NZICA) is the only other accredited body that can carry out auditor licensing in New Zealand.
Tony Reid on 021 739 052 or email@example.com