EU recognises NZ auditors

Commerce and Consumer Affairs Minister Paul Goldsmith has welcomed the European Commission's announcement to recognise and permit New Zealand regulated auditors to practice in the European Union.

"The Financial Markets Authority (FMA) has worked closely with the European Commission over the past two years," says Mr Goldsmith.

"During this time their work has provided reassurance to the Commission that New Zealand's auditors are among the most professional in the world and can operate across the European Union (EU).

"New Zealand entities who are listing or listed in the EU, and subsidiaries of New Zealand entities incorporated in the EU, can continue to have their statements audited in New Zealand since they will be treated the same as if they were audited in Europe.

"For investors both in New Zealand and overseas the recognition of equivalence in the New Zealand systems means they can have confidence in the New Zealand auditor oversight meeting the same standards as those in EU markets.

"This is an example of the FMA's ongoing commitment to meeting the best practices in oversight in line with international standards," says Mr Goldsmith.