Consultation paper: Prescribed Minimum Standards and Conditions for Licensed Auditors and Registered Audit Firms Notice 2020

Following consultation we have issued the Auditor Regulation Act (Prescribed Minimum Standards and Conditions for Licensed Auditors and Registered Audit Firms) Notice 2020 and published a summary of key themes from the consultation (see resulting documents above).

September 2020

The FMA issued the Auditor Regulation Act (Prescribed Minimum Standards and Conditions for Licensed Auditors and Registered Audit Firms) Notice 2012 (the Notice) on 18 April 2012, and (Prescribed Minimum Standards and Conditions for Licensed Auditors and Registered Audit Firms) Amendment Notice 2015 (the Amendment) on 9 November 2015. 

The FMA proposes to revoke the Notice and Amendment (together the Original Notice), and replace it with the Auditor Regulation Act (Prescribed Minimum Standards and Conditions for Licensed Auditors and Registered Audit Firms) Notice 2020 (the 2020 Notice).

As part of this proposal, the FMA must consult with people who represent the views of the auditing profession, and any other organisations or groups that will be substantially affected by the proposals, before we revoke the Original Notice and replace it with the 2020 Notice.

Submissions close at 5pm on Monday, 21 September 2020.