By Nick Stride
Friday 8th August 2003
|Text too small?|
Commission chairman Jane Diplock said yesterday the watchdog had been given a "modest" allocation in the last Budget to fund a pilot audit programme and was now looking at "resourcing" it.
The programme would use risk-based selection to identify which companies' financial reporting would be examined.
Ms Diplock agreed there was scant evidence of financial reporting irregularities in New Zealand "but we don't know that. Let's have a look."
The commission's new role matches that of the Australian Securities and Investments Commission, from which Ms Diplock was recruited two years ago.
ASIC this week launched a an offensive that will audit the financial statements of 440 companies.
A larger sweep last year, aimed at flushing out Enron- and WorldCom-style fiddles, netted only 31 minor instances of breaches of accounting standards among the 1500 issuers examined.
No comments yet
Fonterra farmers urge MPs to unshackle cooperative
NZ dollar benefits as EU likely to grant Brexit extension
24th October 2019 Morning Report
OPINION: All the questions the convention centre fire asks
MARKET CLOSE: NZ stocks drop as investors dump power companies on smelter scare
NZ dollar eases after another Brexit failure
SkyCity, Fletcher won't name their insurers
NZ stocks smacked by smelter review, SkyCity fire
No govt cash for Tiwai Point - Woods
Strong dairy exports narrow Sept trade deficit