FMA releases CPA Australia and NZICA accredited body reports 3 December

The Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko has published its annual accredited body reports for CPA Australia and the New Zealand Institute of Chartered Accountants (NZICA).

The FMA did not have specific concerns relating to NZICA’s or CPA Australia’s compliance during the review period. However, the FMA made some recommendations to NZICA to enhance it investigative and disciplinary processes, particularly where the FMA has declared it has a genuine interest, so the FMA can determine whether it uses its powers to take over an investigation, or act in conjunction with NZICA.

The FMA also acknowledged CPA Australia made improvements to its monitoring processes, with the intention to restart proactive monitoring reviews in late 2021, but the regulator considered further improvements are needed.

It is one of the FMA’s strategic priorities to ensure that frontline regulators such as NZICA and CPA Australia are effective in their role. The Auditor Regulation Act 2011 requires the FMA to monitor and ensure the audit regulatory systems and processes used by accredited bodies are adequate and effective.

The reports contain the findings of the FMA’s monitoring assessments of NZICA and CPA Australia for the period 1 July 2020 to 30 June 2021.

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