New Zealand's FMA report shows audit quality is strong but marred by 26% non-compliance in key areas.

New Zealand's Financial Markets Authority (FMA) released a report showing that overall audit quality remains strong but is hindered by inconsistencies in execution. The report reviewed nine audit firms and 19 files, finding a 26% non-compliance rate, lower than the international rate of 32%. The FMA highlighted areas such as fraud risks, going concern assessments, and revenue recognition as key focus areas for improvement.

November 27, 2024
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