The NZ FMA discuss their Audit Quality Monitoring findings for 2019

Following release of the FMA’s Audit Quality Monitoring Report, Jacco Moison highlights the FMA’s key findings in six focus areas as well as auditor independence and the level of non-assurance services being provided to audit clients. The FMA compare the audit quality monitoring findings with their survey of investors on perceptions of audit quality and reflect on the inquiries on audit underway on other jurisdictions.


Highlights:

  • 0:42 Selection of firms and files to review
  • 2:27 Overall findings
  • 3:42 Comparison to International findings
  • 5:24 Audit firms’ response to previous findings
  • 8:55 Investor survey on audit quality
  • 10:53 Relevance of international inquiries to NZ audits
  • 13:13 FMA’s 6 focus areas
  • 14:39 Focus 1: Director’s responsibilities for audit quality
  • 17:33 Focus 2: Auditor independence and level of non-assurance services
  • 21:56 Focus 3: Related party transactions
  • 24:36 Focus 4: Fraud risk
  • 26:59 Focus 5: Accounting estimates
  • 29:22 Focus 6: Audits of credit unions
  • 31:22 FMA’s future focus areas
Further Resources:



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