Page last updated: 01 September 2022

Auditors

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 and monitor accredited bodies to ensure they are effective frontline regulators of auditors.

 

Auditors

All auditors and audit firms who perform FMC audits need to comply with the Auditor Regulation Act 2011; all auditor and audit firms and individuals who perform FMC audits need to hold a licence. Audit firms who perform FMC audits must be registered, and must ensure that for each FMC audit:

  • the engagement partner holds a licence.
  • an individual who carries out the engagement quality control review of key decisions and judgements (before the report is issued) also holds a licence.

New Zealand auditors and audit firms

  • Accredited bodies have the front-line responsibility for regulating affected New Zealand auditors and audit firms. 
  • The FMA has the role of granting accreditation to accredited bodies and supervising them on an ongoing basis.

Overseas auditors

We have the responsibility of regulating affected overseas auditors and audit firms.

An 'overseas auditor' is an individual who is entitled to act as an auditor in a jurisdiction outside New Zealand that is included in a prescribed list:

  • Australia
  • Any country, state or territory in the European Union
  • Hong Kong
  • Singapore
  • United States of America.

Auditors not based in New Zealand or licensed or authorised to act as an auditor in a prescribed jurisdiction may contact us to discuss how they will comply with the law.

  • Overseas auditors need to apply to the FMA for a standard licence 

Overseas audit firms

  • An 'overseas audit firm' is a partnership, where the majority of its partners are ordinarily resident outside New Zealand, or an overseas company.
  • A limited partnership cannot become a registered firm.

Overseas audit firms are registered on the Auditors Register held at the New Zealand Companies Office, following approval by the FMA.

Accredited bodies

Please view the accredited bodies page on this site for more information.

 

FMA approved professional courses in auditing

  • Audit & Assurance (AAA) in the Chartered Accountants Program by NZICA
  • Advanced Audit & Assurance by CPA Australia
  • International Standards on Auditing (ISAs) program if the final assessment is set under supervision of an accredited body
  • Link to Notice

FMA approved professional courses in commercial law and taxation

Overseas auditors wishing to be licensed in New Zealand are required to complete an approved course in New Zealand commercial law and taxation. This is to ensure that all licensed auditors have knowledge of the New Zealand commercial environment. 

The following table sets out the degree level papers the FMA has approved in both commercial law and taxation that currently meet this requirement at 14 tertiary institutions:

Tertiary Institutions Commercial Law Taxation
University of Auckland COMLAW 203 Company Law COMLAW 301 Taxation
Auckland University of Technology 416614 - Law for New Zealand Business 367905 Advanced Taxation
or
367907 Taxation: Principles, Policies and Processes
UNITEC New Zealand ACTY 6320 Law of Business Entities ACTY 6210 Taxation
Manukau Institute of Technology 323.606 Commercial Law 2 311.642 Taxation
University of Waikato ACCT322 - Law of Business Enterprises ACCT 351 Taxation
Waikato Institute of Technology BBSD622 Corporate Law BBSD603 Taxation
Eastern Institute of Technology LAWS 6.01 Corporate Law ACCY7.08 Advanced Taxation
Massey University * 155.203 - Law of Business Organisations 110.289 Taxation
or
110.389 Advanced Taxation
Victoria University of Wellington COML 303 - Law of Organisations ACCY 305 Advanced Domestic Taxation
or
TAXN 301 Advanced Domestic Taxation
The Open Polytechnic of New Zealand * 71 214 - Law of Business Organisations 71 306 Taxation
Nelson Marlborough Institute of Technology LAW610 - Company Law ACC 706 Advanced Taxation
University of Canterbury ACCT 256 Law of Business Organisations ACCT 358 Advanced Issues in Taxation
Lincoln University LWST 201 - Commercial Law I ACCT306 Taxation
University of Otago BLAW211 Business Law Relating to Entities ACTP 312 Taxation Practice

* indicates institutions that offer courses by correspondence or distance learning.

If you have completed another course in New Zealand commercial law and taxation which you believe meets the requirements for auditor licensing, we are happy to consider whether that course is equivalent to the approved courses. You will need to provide a detailed description of the topics covered and the learning outcomes for the course you have completed.

New Zealand auditor licensing and audit firm registration

New Zealand auditors and audit firms should contact the following accredited bodies for more information about licencing and audit firm registration.

Overseas audit firms registration

Application Guide: Licensing and registration of overseas auditors and audit firms.

The Application Guide linked above provides guidance on how an overseas audit firm can apply for authorisation of its registration. It also explains how the FMA will assess your application.

The FMA may authorise the Registrar to register an overseas audit firm where it has met all the requirements and conditions for registration. Please complete the following steps:

1. Seek professional advice and, if applicable reach out to the local New Zealand audit firm
Before starting the registration process, we advise and encourage you as a person authorised on behalf of your firm to seek your own professional advice, to find out how the Auditor Regulation Act 2011, and other applicable laws apply to your firm, as it is your responsibility (on behalf of your firm) to determine the firm’s obligations. If your firm’s network has a local New Zealand audit firm, we also advise and encourage you to discuss your intentions with your local New Zealand audit firm.

2. Confirm your intentions to register your firm with the FMA Licensing Team
Please reach out to the FMA Licensing Team at [email protected] to discuss your intentions to register your firm.

If you are not intending to perform the audits of FMC reporting entities (i.e. audits of Public Interest Entities as defined by the Professional and Ethical Standards), but only intend to perform statutory audits (i.e. primarily audits of entities other than Public Interest Entities) then you may not be required to register your firm.  The FMA is not involved in the process of approving overseas auditors for non-FMC audits.  Please refer to the Companies Office for instructions on how to get approved for these types of audits.

3. Download the application guide and application forms

4. Gather the evidence of meeting requirements

  • The evidence you need to provide is summarised in the application packs. The application pack also has full details of the requirements as well as information about how the FMA assesses the evidence provided.
  • Please carefully check that you provide all the expected and required evidence from both the 'all countries' section of the guide as well as the section relevant to your home jurisdiction, and ensure that the evidence meets the requirements set out in the application pack.
  • Incomplete forms or answers which do not take account of the guidance are likely to result in queries and delays in processing your application, as well as additional costs.

5. Submission instructions 
Your completed application and supporting evidence must be emailed to us at [email protected].

Alternatively, physical copies of your application and all supporting evidence can be sent to: 

Mail:

Licensing Team,
Financial Markets Authority,

PO Box 1179,
Wellington, 6140,
New Zealand      

 

Courier:

Licensing Team,
Financial Markets Authority,

Level 5, Ernst & Young Building,
Loading Bay, 59 Tyler Street,
Britomart, Auckland, 1010,
New Zealand

Each application will need to be accompanied by the appropriate fees (including all applicable bank fees) detailed in the section below.

Overseas auditor licensing

Application Guide: Licensing and registration of overseas auditors and audit firms.

The Application Guide linked above provides guidance on how, under the Auditor Regulation Act 2011, an overseas auditor can apply for a licence.  It also provides guidance on how an individual who is a registered company auditor under the Corporations Act 2001 (AU) can seek registration for an equivalent occupation under s 19 of the Trans-Tasman Mutual Recognition Act 1997, as a licensed auditor under the Auditor Regulation Act 2011. 

The FMA may issue an overseas auditor an auditor licence if you meet all the requirements and conditions. Please complete the following steps:

1. Seek professional advice
Before starting the licensing process, we advise and encourage you to seek your own professional advice to find out how the Auditor Regulation Act 2011, the Trans-Tasman Mutual Recognition Act 1997, and other applicable laws apply to you, as it is your responsibility to determine your obligations. 

2. Confirm the intentions to obtain a licence with the FMA Licensing Team
Please reach out to the FMA Licensing Team at [email protected] to discuss your intentions to obtain a licence.

If you are not intending to perform the audits of FMC reporting entities (i.e. audits of Public Interest Entities as defined by the Professional and Ethical Standards), but only intend to perform statutory audits (i.e. primarily audits of entities other than Public Interest Entities) then you may not be required to obtain a licence.  The FMA is not involved in the process of approving overseas auditors for non-FMC audits.  Please refer to the Companies Office for instructions on how to get approved for these types of audits.

3. Download the application guide and application forms

4. Gather the evidence of meeting requirements

  • The evidence you need to provide is summarised in the application packs. The application pack also has full details of the requirements as well as information about how the FMA assesses the evidence provided.
  • Please carefully check that you provide the expected and required evidence from both the 'all countries' section of the guide and the section relevant to your home jurisdiction and ensure that the evidence meets the requirements set out in the application pack.
  • Incomplete forms or answers which do not take account of the guidance are likely to result in queries and delays in processing your application, as well as additional costs.

5. Submission instructions
Your completed application and supporting evidence must be emailed to us at [email protected]

Alternatively, physical copies of your application and all supporting evidence can be sent to: 

Mail:

Licensing Team,
Financial Markets Authority,

PO Box 1179,
Wellington, 6140,
New Zealand      

 

Courier:

Licensing Team,
Financial Markets Authority,

Level 5, Ernst & Young Building,
Loading Bay, 59 Tyler Street,
Britomart, Auckland, 1010,
New Zealand

Each application will need to be accompanied by the appropriate fees (including all applicable bank fees) detailed in the section below.

 

Application fees and levies

  Payable to NZICA or CPA Australia Payable to FMA
  New Zealand
auditor
New Zealand
audit firm
Overseas
auditor
Overseas
audit firm
Application fee $115 $115 $115 $115
Registration fee $350 $350 $350 $350
Assessment fee On hourly basis*
Annual maintenance fee $110 $110 $110 $110
Annual levy $5,520   $5,520  
Quality review fee On hourly basis*  

* Please refer to Auditor Regulations 2012 (Part 2) for a specific hourly fee
You will also be charged an additional fee at the FMA hourly rate based on how much time is spent assessing your application. We will invoice you for the additional assessment fee. We may also invoice you for any costs of external advice or assistance.

Please note Schedule 2: replaced, on 1 July 2020, by regulation 12 of the Financial Markets Authority (Levies) Amendment Regulations 2020.

The Financial Markets Authority (Levies) Regulations 2012 (the Regulations), as amended in 2020, set out the levies payable by industry. The levies are set by the Ministry of Business, Innovation, and Employment (MBIE).

The FMA receives funding from the Crown and a proportion of our costs is recouped from industry through levies.

Quality review fee

Registered audit firms, and New Zealand auditors who are not a partner or employee of a registered audit firm, are subject to a quality review at least once every four years.

We will invoice you for your quality review fee, which will be based on the FMA hourly rate. We may also invoice you for any costs of external advice or assistance.

For more information see the Auditor Regulations 2012.

Levies

The Financial Markets Authority (Levies) Regulations 2012 (the Regulations), as amended in 2020 and 2022, set out the levies payable by industry. The levies are set by the Ministry of Business, Innovation, and Employment (MBIE).

The FMA receives funding from the Crown and a proportion of our costs is recouped from industry through levies.

Levy Classes

The table below provides a high-level description of each levy class. For the full description of levy classes, see Schedule 2 in the Regulations. 

Class Description
1 Persons making an application for registration on the   Financial Service Providers Register
2 Registered banks and licensed non-bank deposit takers
2A Registered banks and licensed non-bank deposit takers that are required to hold a conduct licence
3 Licensed insurers
3A Licensed insurers that are required to hold a conduct licence
4 Licensed supervisors of debt securities and managed   investment products in registered schemes
5 Managers (of registered schemes)
6 Persons who undertook trading activities on licensed markets, contributory mortgage brokers, trading financial products or foreign exchange on behalf of other persons (other than persons included in class 6A, 6B, 6C or 6D, authorised bodies that only provide the service under a market services licence held by a person in class 6A or 6D and DIMS wholesale providers) or licensed derivatives issuers
6A Licensed discretionary investment management service (DIMS) retail providers
6B Providers of a regulated client money or property service (as defined in section 6(1) of the FMC Act) other than persons included in class 6(a) or 6C
6C Custodians and persons providing custodial   services
6D Crowdfunding service providers and peer-to-peer lending   service providers
6E Licensed financial benchmark administrators
6F Authorised bodies
6G Financial advisers
6H Licensed financial advice providers
7 All other financial service providers that are not included in any of classes 2 – 6H
8 Listed issuers (other than persons included in class 8A)
8A Small listed issuers
9 Lodgement of a product disclosure statement (PDS)
10 Licensed market operators
10A Licensed market operators that operate growth markets (other than persons included in class 10)
11 FMC reporting entities that lodge financial statements (or   group financial statements) and auditor’s reports
12 Accredited bodies
13 Licensed overseas auditors
14 Persons that apply for registration or incorporation under the Building Societies Act 1965; the Companies Act 1993; the Friendly   Societies and Credit Unions Act 1982; or the Limited Partnerships Act 2008
15 Persons that are registered or incorporated and required   to make annual returns under the Building Societies Act 1965; the Companies   Act 1993; the Friendly Societies and Credit Unions Act 1982; or the Limited   Partnerships Act 2008
16 Climate reporting entities

Offences

It is the responsibility of each financial service provider to ensure they are registered for the service(s) they provide and have paid the appropriate levies. As part of their online annual confirmation to the Registrar, they must select all of the applicable classes to determine the levies payable and confirm the information they have provided is true, correct and complete.

Under the Financial Service Providers (Registration and Dispute Resolution) Act 2008 (the FSP Act) it is an offence to:

  • provide services you are not registered for or state you are registered for a particular financial service when you are not
  • make a representation relating to any document or information required by the FSP Act or its regulations knowing that it is false or misleading, or omit any matter knowing such omission is false or misleading.

These offences could result in a fine of up to $100,000 and/or imprisonment for individuals, and a fine of up to $300,000 for businesses.

It is also an offence under the FSP Act to fail to notify the Registrar if any of the details contained on the FSPR are no longer correct. Failure to notify could result in a fine of up to $10,000.

Levy waivers

We have discretionary power to waive a levy (in whole or part).

We will only do so if we are satisfied that the circumstances or characteristics of the financial markets participant are exceptional when compared with the circumstances or characteristics of others in the same class, so that it would make it inequitable for the person to pay the levy. The threshold is deliberately high.

The waiver power is not intended to be used to revisit settled policy positions.

Once we receive a waiver application and the fee, we will assess it.  If we decide to grant the waiver, we must notify our decision in the Gazette, and publish the decision and reasons for it on our website.

How to apply for a levy to be waived

You will need to email the following information to [email protected] with the subject line ‘Levy waiver application’.

  • Name of person or entity applying for the waiver.
  • Contact person for correspondence concerning the application including address, phone number and email.
  • Indicate the persons/entity who will receive the benefit of any waiver granted.
  • Specify which class(es) you seek a waiver from and whether a waiver is sought from the full levy or part and the amount thereof.
  • Let us know your preferred date for any waiver to take effect.
  • Explain why the waiver should be granted and why your circumstances are exceptional when compared with others in the same class.
  • Provide all relevant facts in support of your application.
  • Explain any regulatory benefit of FMA granting the waiver.
  • Give details of any previous contact with officials (including their names) at FMA or MBIE (including the Companies Office) on the matter.

How to pay your waiver application fee

You can pay by electronic deposit or internet banking. Payment can be made by applicants or law firms making applications on behalf of their clients.

The person paying the application fee must be the person who pays the subsequent fees and costs. For example, if a law firm pays the application fee, that law firm must also pay any additional fees and costs.

We recommend if law firms apply for waivers on behalf of their clients, the parties discuss and agree who will be responsible for paying the FMA’s fees before submitting a waiver application.

Payment option How to pay Additional information
Electronic deposit or internet banking Where bill pay is available please select ‘Financial Markets Authority - Other'
Otherwise, our bank details are:
Bank: Westpac
Account name: Financial Markets Authority
Account number: 03-0584-0198005-000
To ensure we process your payment correctly please provide the following information:
Particulars: Payer’s name*
Code: Waiver
Reference: Applicant’s name
You do not need to forward a hard copy of your application if paying electronically

* This is the name of the person paying the application fee. This person will be invoiced for any subsequent fees and costs. Payment by credit card is not available for this application process.

What are the fees

  • A payment of $1,265 should accompany each application.
  • This covers the application fee of $115 set out in the Financial Markets Authority (Fees) Regulations 2011 and an advance of $1,150 (including GST) for fees and costs to be incurred.
  • These regulations set out charging rates of $230 (including GST) per hour for time spent by FMA Board members and $178.25 (including GST) per hour for time spent by FMA staff.
  • These regulations are set by MBIE.

How long does it take

  • Once we have been provided with all relevant information, it generally takes around six weeks to process an application.
  • This may be longer if any policy questions arise.
  • If your application is urgent, please provide the date you need the decision by.
  • You must also provide reasons for requesting urgent consideration.

Granted waivers

Under the Auditor Regulation Act 2011, the Financial Reporting Act 2013 and the Financial Markets Conduct Act 2013, licensed auditors are required to carry out audits in accordance with applicable auditing and assurance standards.

Continued compliance with prescribed minimum standards

Licensed auditors and registered audit firms are required to continue to meet the prescribed minimum standards and amendments.

Conditions set by accredited body or FMA

  • Both licensed auditors and registered audit firms will be subject to conditions.
  • For auditors, the kinds of conditions that licences may be subject to are prescribed by the FMA.
  • The exact conditions which an auditor or audit firm is subject to will be set by the accredited body that issues the licence for New Zealand auditors and audit firms, or by the FMA for overseas auditors and audit firms.
  • Conditions will be published on the register of auditors and audit firms, and notified to the auditor or audit firm.
  • For overseas auditors, the FMA will generally apply our standard licence conditions. However, in some circumstances, we may vary these conditions or attach additional conditions.
  • For the overseas audit firms, the FMA generally apply our for overseas audit firms and our standard conditions of registration. However, in some circumstances, we may vary these conditions or attach additional conditions.

 

Read the plan

All registered audit firms and individual auditors who are not members of a registered audit firm are subject to a quality review at least once every 4 years.  In practice, we aim to keep our review cycle consistent with the EU’s three year cycle, to stay aligned internationally. The frequency of our inspections varies. We inspect larger firms every two years, while other firms are generally inspected every three years. 

Under the Auditor Regulation Act 2011, we must carry out a quality review of systems, policies, and procedures of registered audit firms and licensed auditors at least once every four years. Where we note significant misconduct we refer these matters to the appropriate disciplinary bodies.

We are required to prepare an annual report on the quality reviews we completed in the preceding financial year in the audit quality monitoring report. Download the Audit Quality Monitoring Report.

Listen to the podcast Insights from the NZ FMA’s Audit Quality Monitoring Report 2021 delivered by CPA Australia.

Quality review methodology

We assess an audit firm’s compliance with the standards and the requirements of the AR Act by:

  • looking at the firm’s overall quality control systems for performing compliant FMC audits
  • reviewing a selection of individual FMC audit engagement files to see if a file complies with the above systems and the Auditing and Assurance Standards issued by the XRB.

We review the ’Big Four’ firms every two years, and all other firms every three years. As a result of our Memorandum of Understanding (MOU) with the Auditor-General, we may review audits of FMC reporting entities carried out by private audit firms on behalf of the Auditor-General. The results of these reviews are included in this report and our findings are communicated directly to the Auditor-General.

All of our reviews undergo a robust moderation process. Each audit quality review assessment report is peer-reviewed by a reviewer not involved in the initial review. Our final report goes to the Auditor Oversight Committee (AOC) for consideration. The AOC provides an independent forum to review the consistency and fairness of all quality review reports. The AOC comprises a diverse group of professionals including exauditors, company directors, and others with relevant experience who are independent of the audit profession.

Quality control framework

The requirement of a quality control system is set out in the Professional and Ethical Standards, and Auditing Standards. Our assessment of an audit firm’s quality control system focuses on whether:

  • the system complies with the relevant standards
  • the system’s policies and procedures are followed
  • the system contributes to high quality FMC audits.

We also evaluate whether the firm’s internal monitoring of its audit quality control system is effective. This internal monitoring includes the firm performing an internal engagement quality control review (EQCR) on each FMC audit file.

The EQCR is a process designed to provide an objective evaluation of the significant judgements the audit team has made and the conclusions reached in the auditor’s report.

We have prescribed additional requirements7 for this EQCR given its importance to the audit process. We expect the EQCR partner to be suitably qualified and have relevant experience to enable them to give an objective evaluation. They should also be involved in key decision-making to make sure the audit has an effective process.

7 Paragraph 8(1)(f) of the Auditor Regulation Act (Prescribed Minimum Standards and Conditions for Licensed Auditors and Registered Audit Firms) Notice 2012

Individual file reviews

We carry out individual audit file reviews to check the auditor has complied with Auditing and Assurance Standards, and exercised reasonable care, diligence and skill in carrying out the audit.

Key attributes of audit quality are:

  • an independent audit is carried out by a licensed auditor
  • the auditor demonstrates appropriate levels of professional scepticism
  • adequate and appropriate audit evidence is obtained
  • the auditing and assurance standards are followed
  • an appropriate audit opinion is issued.

File selection

The number of audit files we select for each audit firm is determined by the number of licensed auditors at the firm, the number of FMC audits completed and the results of the firm’s previous review.

In selecting specific files for review, we take into account:

  • businesses of significant public interest given the value of financial products issued to the public (such as KiwiSaver schemes, banks, insurance companies and businesses listed on the NZX)
  • businesses and industries that are more vulnerable to risks from existing and emerging market conditions, such as newly listed businesses, or businesses that experienced significant growth
  • other businesses considered higher-risk, for example finance companies, or businesses that have non-compliance issues such as qualified audit reports, or non-compliance with laws and regulations
  • a cross-section of different licensed auditors in each registered firm.

If a previous review found an audit file did not meet the required standards, it is likely we would review that auditor or audit file again.

File ratings

When we complete a file review, the reviewer gives each individual finding on that file a rating from low to high, and proposes a final overall file rating from the following categories:

Good
We either had no findings or the findings relate to improving some documentation or minor non-compliance with the auditing standards. The reviewer is satisfied that all audit procedures have been performed around key risk areas and sufficient audit evidence was obtained.

Compliant, but improvements needed
We identified areas in the file where the audit wasn’t performed in accordance with the audit standards. However, overall the reviewer found there was sufficient and appropriate audit evidence obtained in the key risk areas.

Non-compliant
The file showed several areas where the audit wasn’t performed in accordance with the standards. The reviewer found insufficient or inappropriate audit evidence obtained in at least one key risk area of the audit, or the review showed a material misstatement that required restatement of the financial statements and/or the audit opinion.

The ratings are moderated by the AOC.

Possible actions taken

Following an audit quality review we consider if further action is required. Actions we could take include:

  • Requiring an audit firm to perform additional work to address our findings
  • Requiring an entity to restate the financial statements, if we find material misstatements
  • Completing a follow-up review within six to 18 months of the previous review to ensure the firm has taken appropriate action to address our findings
  • Issuing directions to remediate any findings
  • Referring complaints to the licensed auditors’ professional body to be dealt with under its disciplinary procedures.

Disciplinary action for both New Zealand auditors and overseas auditors will be published on the register of auditors and audit firms, and may be the subject of a public statement. 

New Zealand auditors and audit firms

  • The responsibility for conducting investigations and disciplinary proceedings sits primarily with the accredited body that issued the licence. 
  • Accredited bodies are able to investigate suspected breaches of auditing and assurance standards, the Act, conditions of an auditor's licence or audit firm's registration, or their conduct rules or code of ethics.
  • Where an accredited body or its disciplinary body determines an auditor or audit firm has breached an obligation, it may cancel or suspend the auditor's licence or impose any other penalty available under its rules. 
  • The FMA also has jurisdiction to investigate or assist an accredited body in an investigation, where requested by the accredited body or where the accredited body has decided not to investigate.
  • When we conduct an investigation and find a breach, we can take disciplinary action against the auditor or audit firm.

Overseas auditors and audit firms

  • We may investigate if it is in the public interest to do so.
  • Where we determine an overseas auditor or audit firm has breached its obligations, we can cancel or suspend the auditor's licence or audit firm's registration, and make costs orders. 
  • We will refer matters of concern regarding overseas auditors to the audit regulator and their professional body in their home jurisdiction where appropriate.

The role of the AOC is to provide advice to the FMA in relation to the FMA's regular quality reviews carried out pursuant to the Act, and in relation to any investigation of a licenced auditor or registered audit firm the FMA may start or take over under the Act.

Committee members

Mike Schubert, Chair

Mike’s executive career included 28 years as a partner at PwC, specialising in audit, assurance and corporate finance. He was also the CEO of law firm MinterEllisonRuddWatts and acting CEO of healthAlliance. Mike is currently a director and chair of the audit committees at entities including Silver Fern Farms, Abano Healthcare Group, Procare Health and Homecare Medical.

Barry Brown, LLB Hons

Barry has been a lawyer for over 45 years, specialising for most of that time in mergers and acquisitions, and general corporate and commercial law. He has advised on many of New Zealand’s largest transactions. He also has wide experience in advising boards of directors on governance matters. He is a former managing partner and chair of Chapman Tripp. 

Jackie Roberson

Jackie has over 20 years’ experience in audit and assurance, including 12 years as an assurance partner at Deloitte. She is currently a professional director with board roles at listed and public sector organisations, including the XRB. She is a CA and Chartered Member of the IOD.

Steven Fyfe, BCA, CA, CMInstD

Steven has 30 years’ experience in the accountancy and banking industries in New Zealand and offshore, including as CFO and executive director at The National Bank. Since 2011 Steven has been a company director of a wide range of commercial, public sector and community organisations.

Misha Pieters

Misha is responsible for heading the team that supports the New Zealand Auditing and Assurance Standards Board in its role of developing and issuing auditing and assurance standards. Misha has been with the XRB since its inception in 2011, and has recently completed a secondment to the International Ethics Standards Board of Accountants. She has extensive prior audit and accounting advisory experience in the for profit sector.

Ross Buckley

Ross Buckley commenced his professional governance career in October 2020 after retiring from KPMG where he was executive Chair of the New Zealand firm from 2011 to 2020. Ross joined KPMG in Wellington in 1983 and held a variety of roles in New Zealand and overseas including board member of KPMG Asia Pacific and a member of KPMG’s Global Council.

Ross is an independent director of ASB Bank, chairs the Bank’s Audit Committee and is a member of ASB’s Appointment and Remuneration and Risk and Compliance Committees. Ross is also an independent director of Stride Properties and independent chair of Service Foods. Ross is a member of Institute of Directors National Council and chairs the Auckland branch. Ross also chairs the advisory board of Massey University’s College of Business.

Ross has a BBS (Massey University) and is a Fellow Chartered Accountant (FCA), Fellow Certified Practising Accountant (FCPA) and a Chartered Member of the IOD.

Nives Botica Redmayne, PhD, MSc, BSc, AFAANZ, CA ANZ

Nives is the academic member of the AOC. She is an Associate Professor at Massey University School of Accountancy. Her main area of research and expertise is assurance, in particular the economics production and regulation of assurance services. She is the immediate past CAANZ President. She is also a member of the External Reporting Board (XRB) – New Zealand Accounting Standards Board (NZASB).

IFIAR Annual Inspection Findings Survey

Participating in and contributing to these surveys enables us to work together on a global level with the largest audit firms to address audit quality review findings. 

Latest IFIAR survey results

Latest reports

Accredited Body Report – New Zealand Institute of Chartered Accountants
NZICA Accredited Body Report contains the findings of our monitoring assessment of the New Zealand Institute of Chartered Accountants (NZICA). Read mo
Accredited Body Report - CPA Australia
CPA Australia Accredited Body Report contains the findings of our monitoring assessment of CPA Australia. Read more.
Audit Quality Monitoring Report
In this year’s report, we highlight our expectations of directors and auditors of financial statements, and the key focus areas our stakeholders nee
Auditor regulation and oversight plan
This plan will help licensed auditors, registered audit firms and accredited bodies to understand how FMA will approach auditor regulation. It may als