18 October, 2012
The Financial Markets Authority has today accredited a second accounting professional body under the Auditor Regulation Act 2011. CPA Australia can now license and regulate auditors and audit firms in New Zealand with oversight from the Financial Markets Authority.
"This is another important step in strengthening financial markets in New Zealand. Audit quality is a vital part of ensuring that investors can have confidence in the financial statements being produced by New Zealand companies," says Mr Foss.
The New Zealand Institute of Chartered Accountants (NZICA) is the only other accredited body that can carry out auditor licensing in New Zealand. NZICA received automatic accreditation when the Act came into force.
Allowing NZICA and CPA auditors to work on both sides of the Tasman was a target set by the Trans-Tasman Outcomes framework.
"Today's announcement is another step towards reducing regulatory barriers within the Single Economic Market with Australia.
"I am pleased to see the way NZICA and CPA Australia have adapted to the new regime and are working with the FMA to help rebuild confidence in New Zealand's financial markets," says Mr Foss.