Financial Markets Authority's Audit Quality Review Report
PwC has today welcomed the release of the Financial Markets Authority's Audit Quality Review Report.
PwC Partner Michele Embling says, "Audit quality has and always will be fundamental to our role in the capital markets. It is a key component in building confidence through supporting reliable and transparent financial reporting. We therefore support the FMA's programme of audit quality inspections and today's release by of the FMA findings from the first round of audit quality reviews.
"Whilst the findings are consistent with similar regulated auditor regimes, it identifies a need for audit firms to lift audit quality on a consistent basis.
"With today's report, New Zealand's capital market stakeholders can have a greater understanding of the regulator's initiative to improve audit quality and how Audit Committees or directors of issuers should engage with their auditor regarding audit quality.
"We will continue to follow our existing internal policies on audit quality, including those related to independence and ethical issues, audit quality monitoring, documentation and evidence and use of professional scepticism."