Trans-tasman regulatory findings

Trans-Tasman regulatory findings and initiatives
(FMA and ASIC)
Presenter
Jacco Moison – Senior Adviser, FMA
Doug Niven, FCA – Senior Executive Leader, Financial Reporting & Audit , ASIC
Trans-Tasman regulatory findings and initiatives
Jacco Moison, Senior Adviser FMA
2015 audit conference
Auckland I 3 December 2015
Overall impression
• Improvement in systems and policies
• Investment in audit quality
• Further improvements to be made
Summary of findings
Improved areas
• Going concern assumptions
• Sampling
• Analytical procedures
• Related party transactions
Key findings
• Auditor independence
• Monitoring of audit quality
• Professional scepticism
• Using a management or auditor expert
• Responsibility of fraud
• Materiality
Using a management or auditor expert
• Evaluate the competence, capabilities
and objectivity of the expert
• Obtain an understanding of the work
• Evaluate the appropriateness of the
work
Future focus
• New auditor reporting
• Process of identifying key audit matters
• Audit work performed
• Other areas of focus
• FMA’s Key findings
• Independence
New Auditor Reporting
Questions