FMA publishes updated and refreshed Auditor and Regulation Oversight Plan 2023-2026

The Financial Markets Authority (FMA) has released an updated and refreshed Auditor and Regulation Oversight Plan 2023-2026. 

Audited financial statements are an important resource for investors when making investment decisions. Investors’ confidence in financial statements is dependent on the perceived quality of the audit.

The Auditor Regulation and Oversight Plan 2023-2026 sets out the areas the FMA will focus on when reviewing the quality of regulated audits of Financial Market Conduct (FMC) reporting entities and contributing to the integrity and development of the audit profession. 

Starting from 2023/24, the FMA plans to review each licensed firm every year to increase the frequency of engagement and identify new developments and industry requirements.

Other focus areas include ensuring auditing and accounting standards are being upheld, thematic reviews, monitoring of accredited bodies and engagement with stakeholders and overseas regulators.

You can access the Auditor Regulation and Oversight Plan 2023-2026 here.

For more on the above, please contact your local BDO representative.