Time for a change: the need for audit firm rotation in NZ
ANALYSIS: Hidden risk lurks in New Zealand’s top companies, too many of them turning a blind eye to lessons of Wirecard and Enron bankruptcies.
As investors, we need to actively demand that New Zealand companies follow global best practice.
Right now, 30 NZX50 companies have had the same audit firm for at least the past decade, including 18 that have had the same audit firm for at least the past 20 years (potentially longer but this is where we drew the line on trawling through historical annual reports).
While these audit firms might
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