The Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko – has published its Auditor Regulation and Oversight Plan
2024-2027.
The plan is similar to last year’s. As the FMA has moved to annual monitoring of audit firms, rather than periodic
reviews previously, our approach is continuously updated where appropriate.
The plan sets out how the FMA aims to improve the audit quality of Financial Markets Conduct reporting entities by
focusing on the following key areas:Overall governance of the audit firm and the culture modelled by its leadershipThe audit firm’s internal and external audit quality reviewsHow audit quality is considered in the performance assessment of staff and leadersHow the audit firm conducts root cause analysis when assessing the underlying cause of audit quality findingsThe audit firm’s plans to address findings from internal and external reviews, and how it monitors effective
implementation.The compliance with the Audit and Assurance Standards in key areas of the audit files selected for reviewThe performance of the accredited bodies in executing their front-line regulatory functions.