New Zealand Audit Quality Monitoring Report: A discussion

The Financial Markets Authority of New Zealand have released their Audit Quality Monitoring Report 2020.

In this podcast episode, Claire Grayston FCPA and Jacco Moison discuss the findings, covering indicators audit quality is improving, initiatives to improve audit quality, expectations of auditors’ responses to COVID-19, and more. In addition, Moison explains the directors’ and audit committees’ roles in audit quality, which are set out in the handbook Audit quality – a director’s guide. Listen now.

Guest: Jacco Moison, Manager Audit Oversight, New Zealand Financial Markets Authority
Host: Claire Grayston FCPA, Policy Advisor – Audit and Assurance, CPA Australia


Highlights:

Min 1:48 Overall findings
Min 2:10 Misstatements arising from non-compliant audits
Min 3:30 Indicators that audit quality is improving
Min 4:47 Initiatives to improve audit quality
Min 6:03 Directors and audit committees’ role in high-quality audits
Min 8:28 FMA’s audit quality focus areas
Min 10:54 Recurring audit areas of concern
Min 14:01 Peer-to-peer lending services
Min 15:30 Expectations of auditors’ responses to COVID-19 
Min 17:11 Conflicts of interests arising from provision of non-assurance services
Min 19:13 Technological tools which create conflicts of interest
Min 20:36 Directors’ and Audit committees’ roles in audit quality
Min 22:06 Impact of the Inquiry Regulation of Auditing in Australia on NZ companies
Min 25:22 Impacts of UK audit reforms on NZ audits

Further Resources:

Audit Quality Monitoring Report for 30 June 2020 
Audit quality - a director's guide
Transcript (PDF)



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