Accredited bodies

All auditors and audit firms that perform audits of FMC reporting entities need to comply with the ARA. Individual auditors must hold a licence and firms must be registered.

View our auditor page for more details

An accredited body is required by the ARA to have adequate and effective systems, policies and procedures in place to perform its regulatory functions. These functions include:

• licensing domestic auditors and registering domestic audit firms
• monitoring those auditors and audit firms registered by NZICA
• promoting and monitoring the competence of these members
• taking action against misconduct.

The ARA requires the Financial Markets Authority to monitor and ensure the audit regulatory systems and processes used by accredited bodies are adequate and effective.

Pursuant to section 51(3)(a) of the Act, the Financial Markets Authority provides direction in relation to annual reports from the accredited bodies.

The FMA has prescribed minimum standards an accredited body must meet. 

Accredited bodies are required to comply with conditions attached to their accreditation. 

We have published policy on how it will assess applications for accreditation and how it will impose, vary, add or remove conditions of accreditation. Individual accredited bodies will be notified in writing of the conditions applied to their accreditation.

CPA Australia

At the end of each year, the FMA publishes a report on the effectiveness of the CPA Australia’s policies and processes.

Accredited Body Report - CPA Australia | Reports | Financial Markets Authority

Chartered Accountants Australia and New Zealand (CA ANZ)

NZICA and the Institute of Chartered Accountants of Australia (ICAA) formally amalgamated on 1 January 2015 to form Chartered Accountants Australia and New Zealand (CAANZ). However, NZICA continues to regulate the accountancy profession for members who remain resident in New Zealand. For the purpose of the audit oversight regime, NZICA is the accredited body, and therefore the subject of the FMA’s annual review.

At the end of each year, the FMA publishes a report on the effectiveness of the NZICA’s policies and processes.

Accredited Body Report – NZICA | Reports | Financial Markets Authority