1. Compliance
  2. Auditors - our role
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The Professional Conduct Committee of the Chartered Accountants Australia New Zealand (CA ANZ) has published its findings in relation to Richard Owen Dey and Michael Derek Wood. The FMA referred the conduct of the audit firm involved, Ingham Mora, to CA ANZ in December 2017. The referral followed an audit quality review that identified a compliance breach in relation to the mandatory rotation of the key audit engagement partner after 7 years. 

Wood Michael Derek PCC decision March 2019      

Dey Richard Owen PCC decision March 2019

What we do

Auditor regulation and oversight helps to ensure the businesses we regulate (known as FMC reporting entities) have access to competent auditors, and these audits (known as FMC audits) are of a high standard. To achieve this, we: 

  • review audit quality at the registered audit firms to ensure they meet the Auditing and Assurance Standards.
  • monitor accredited bodies to ensure they are effective frontline regulators of auditors.

Who needs to comply

Auditors of issuers and audit firms need to comply. This section also includes information on accredited bodies.

Audit Quality Monitoring Report

Our 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 betterinformed financial decisions.

Switzerland recognises New Zealand audit oversight regime 

14 September 2017

The Swiss Government has announced its recognition of the New Zealand audit oversight regime as equivalent to the Swiss standards, permitting NZ-regulated auditors to operate in Switzerland.  

With this announcement, the Swiss Government has concluded that the New Zealand systems of public oversight, quality assurance, investigation and penalties for auditors and audit firms are equivalent of those in Switzerland. Recognition by Swiss Government follows the recognition of our audit oversight regime by the European Commission and FMA’s acceptance into the International Forum of Independent Audit Regulators (IFIAR).  

It comes into effect from 1 October 2017.

2016 IFIAR survey results

The Independent Forum of Independent Audit Regulators (IFIAR) has issued the results of their annual inspections findings on the 6 largest global audit networks (Deloitte, KPMG, PWC, EY, BDO and Grant Thornton) earlier this month.   

Your obligations

Auditors are subject to appropriate scrutiny and accountability. Read here about our monitoring of auditors and the disciplinary process we follow.

Licensing and registration

Auditors of an issuer need to hold a licence. Audit firms need to be registered.

Financial reporting

Under the FMC Act 2013 there are financial reporting obligations for FMC reporting entities.