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.
monitor accredited bodies to ensure they are effective frontline regulators of auditors.
Who needs to comply
All auditors and audit firms who perform issuer audits need to comply with the Auditor Regulation Act 2011.
Individuals who perform issuer audits need to hold a licence.
Audit firms who perform issuer audits must be registered and must ensure that for each issuer audit, engagement partner, concurring or quality review partner holds a licence.
Accredited bodies CPA and NZICA have the primary responsibility for regulating affected New Zealand based auditors and audit firms.
The FMA has the role of granting accreditation to accredited bodies and supervising them on an ongoing basis. We have the primary responsibility of regulating affected overseas auditors and audit firms.