Following the release of the Financial Markets Authority (FMA) New Zealand 2018 Audit Quality Monitoring Report, this podcast episode explores the key findings in the report for 2018 and the focus areas for 2019 quality reviews. Jacco Moison, Manager of Auditor Oversight at the FMA, discusses the trends the FMA is seeing in relation to audit quality and highlights that auditors need to address both the FMA’s findings and their own internal reviews through root cause analysis and action plans. The FMA’s findings raise matters which all auditors can consider in their own practice, including how they use management’s experts and audit accounting estimates. Jacco is in conversation with Claire Grayston, CPA Australia’s Policy Adviser on Audit and Assurance.
