Media Release
MR No. 2024 – 23
The Financial Markets Authority (FMA) - Te Mana Tātai Hokohoko has published its Auditor Regulation and Oversight Plan 2024-2027.
The plan is similar to last year’s. As the FMA has moved to annual monitoring of audit firms, rather than periodic reviews previously, our approach is continuously updated where appropriate.
The plan sets out how the FMA aims to improve the audit quality of Financial Markets Conduct reporting entities by focusing on the following key areas:
- Overall governance of the audit firm and the culture modelled by its leadership
- The audit firm’s internal and external audit quality reviews
- How audit quality is considered in the performance assessment of staff and leaders
- How the audit firm conducts root cause analysis when assessing the underlying cause of audit quality findings
- The audit firm’s plans to address findings from internal and external reviews, and how it monitors effective implementation.
- The compliance with the Audit and Assurance Standards in key areas of the audit files selected for review
- The performance of the accredited bodies in executing their front-line regulatory functions.
View the Auditor Regulation and Oversight Plan
ENDS
Media contacts:
Andrew Park
FMA Media Relations Manager
[email protected]
021 220 6770
Matt Chatterton
FMA Senior Adviser, Media Relations
[email protected]
021 241 7868
