FMA
22/12/2014 11:10
GENERAL
NOT PRICE SENSITIVE
REL: 1110 HRS Financial Markets Authority
GENERAL: FMA: FMA welcomed onto global forum for IFIAR
Media Release
MR No. 2014 - 048
22 December 2014
FMA welcomed onto global forum for independent auditor oversight
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.
ENDS
Contact:
Shae Skellern
09 300 0465
021 847 192
[email protected]
Background:
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.
End CA:00259250 For:FMA Type:GENERAL Time:2014-12-22 11:10:22