FMA grants auditor licensing rights to CPA Australia

Media Release

18 October 2012

FMA grants auditor licensing rights to CPA Australia

Global accounting body CPA Australia announced today that it has been accredited by the Financial Markets Authority (FMA) in respect of the licensing and regulation of auditors of issuers in New Zealand.

The move strengthens the regulatory environment for auditors and is expected to result in higher industry standards. The role of auditors and other stakeholders has been in the spotlight following failures in the financial markets, in New Zealand and internationally, which have affected investor confidence.

Alex Malley, CPA Australia Chief Executive, says today’s announcement is an important development for CPA Australia and its members in New Zealand.

“The licensing regime will improve the standard of auditing, boost confidence in investment markets and ultimately allow businesses to focus on what really matters – achieving sustainable growth,” says Mr Malley.

“We continue to be a strong supporter of harmonising Trans-Tasman accounting and auditing standards in order to make doing business between New Zealand and Australia easier.”

With the accreditation by the FMA under the Auditor Regulation Act 2011, CPA Australia is authorised to issue auditor licences to those of its members who meet certain requirements, including holding a Public Practice Certificate.

Mr Malley will be joined by FMA Chief Executive Sean Hughes, Commerce Minister Craig Foss and invited guests at a function tonight in Auckland to mark the accreditation.

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