New Zealand: FMA calls for improvements in disclosure of fees paid to auditors by listed issuers

The Financial Markets Authority has published the results of its review of the disclosure of fees paid to auditors by listed issuers: see here (pdf). The review noted that some companies' disclosures made it difficult to determine the fees relating to the audit of the financial statements and those paid for other services. It was also noted, in a large number of the financial statements reviewed, that the amount paid to the auditor for the audit of financial statements and the descriptions of the nature of other services provided by the external auditor could be more clearly identified.