MR No. 2014 – 048
22 December 2014
The Financial Markets Authority (FMA) has been accepted on to the International Forum of Independent Audit Regulators (IFIAR), in recognition of the robust oversight system the FMA has established in New Zealand.
IFIAR was established in 2006 by independent audit regulators from 18 jurisdictions. It has now grown to 51 members with the establishment of new independent audit regulators in different jurisdictions around the globe.
The FMA joins 50 other countries on the International Forum, which aims to improve audit quality standards and regulation through international cooperation.
“We’re pleased to be accepted onto the International Forum as this recognises the standards and systems we’ve set up for the regulatory oversight of New Zealand’s auditors” said FMA’s Director of Compliance, Elaine Campbell.
“Membership on the international forum allows us to ensure our oversight is aligned and consistent with other leading developed countries. We look forward to collaborating and sharing knowledge and best practice with independent audit regulators from around the globe,” said Ms. Campbell.
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New Zealand auditors must be licensed by the Accredited Bodies (CPA Australia and New Zealand Institute of Chartered Accountants), these are the frontline regulators for the auditing profession. Under the Auditor Regulation Act 2011, the FMA is required to oversee the work of the Accredited Bodies. The FMA is responsible for quality reviews of registered audit firms and is required to report annually on the quality of the reviews that have been carried out in that year.
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