Audit Independence & Market Analysis
Comprehensive analysis of NZX audit market concentration, auditor tenure, fee trends, and director-auditor independence cross-references. Based on 155 fee records, 127 current auditor relationships, and 43 auditor changes.
Market Share by Client Count
Market Share by Total Fees Earned
Big Four fee share: 78% of total recorded fees
NZX Total Audit Fees by Year
Based on available fee data from annual reports. Coverage varies by year.
⚠Director-Auditor Independence Cross-Reference
Directors whose biographies mention an audit firm and who currently sit on a board that the same firm audits. This is flagged for transparency — it does not necessarily indicate a conflict, as cooling-off periods and professional independence requirements may apply.
Audit Firm Alumni on NZX Boards
NZX directors whose biographies indicate prior experience at major audit firms. Sorted by firm. 0 directors identified.
Auditor Tenure Watchlist
Longest continuous auditor-client relationships based on fee records. Extended tenures may warrant review under auditor rotation best practices.
| Company | Auditor | Period | Span |
|---|---|---|---|
| LIC | KPMG | 2010 — 2025 | 16yr |
| FPH | PricewaterhouseCoopers | 2015 — 2025 | 11yr |
| PFI | PricewaterhouseCoopers | 2016 — 2025 | 10yr |
| MPG | PricewaterhouseCoopers | 2016 — 2025 | 10yr |
| NZM | PricewaterhouseCoopers | 2016 — 2025 | 10yr |
| HLG | PricewaterhouseCoopers | 2017 — 2025 | 9yr |
| SPG | PricewaterhouseCoopers | 2017 — 2025 | 9yr |
| RAD | Baker Tilly Staples Rodway | 2018 — 2025 | 8yr |
| APL | Grant Thornton | 2019 — 2025 | 7yr |
| VCT | KPMG | 2019 — 2025 | 7yr |
| GNE | Deloitte | 2016 — 2022 | 7yr |
| RBD | PricewaterhouseCoopers | 2016 — 2022 | 7yr |
| DOW | KPMG | 2015 — 2021 | 7yr |
| MFB | Ernst & Young | 2021 — 2025 | 5yr |
| FWL | PricewaterhouseCoopers | 2014 — 2018 | 5yr |
| DOW | Deloitte | 2010 — 2014 | 5yr |
| GTK | Ernst & Young | 2022 — 2025 | 4yr |
| WIN | Ernst & Young | 2022 — 2025 | 4yr |
| MEL | Deloitte | 2015 — 2018 | 4yr |
| AGL | Deloitte | 2023 — 2025 | 3yr |
Tenure reconstructed from audit fee records. Actual appointment dates may differ. Red: 7+ years, amber: 5-6 years.
Non-Audit Fee Ratio Flags
Cases where non-audit service fees (tax + other) exceeded core audit fees paid to the same firm. High non-audit ratios may indicate independence considerations under auditing standards.
| Company | Auditor | FY | Audit Fees | Non-Audit | Ratio |
|---|---|---|---|---|---|
| GTK | KPMG | 2019 | $20K | $3.6M | 181.8x |
| WIN | Ernst & Young | 2023 | $130K | $8.0M | 61.5x |
| PFI | PricewaterhouseCoopers | 2025 | $324K | $5.0M | 15.4x |
| FPH | The company's external auditor is not explicitly mentioned in the given context. | 2003 | $361K | $2.8M | 7.8x |
| NZK | Ernst & Young | 2016 | $115K | $496K | 4.3x |
| WIN | Ernst & Young | 2022 | $250K | $899K | 3.6x |
| FPH | The company's external auditor is not provided in the context. | 2021 | $222K | $577K | 2.6x |
| NZM | PricewaterhouseCoopers | 2018 | $502K | $711K | 1.4x |
| RAD | Baker Tilly Staples Rodway | 2018 | $47K | $48K | 1.0x |
High ratios do not necessarily indicate issues — non-audit services are permitted when approved by audit committees and independence is maintained.
Recent Auditor Changes
Auditor appointments, resignations, and switches extracted from NZX announcements.
Following a review by the Manager's ultimate parent, Northwest Healthcare Properties REIT, which appointed Deloitte as its external auditor
Auditor rotation after working with the same auditors since the Company was listed in 2004
Good governance practice to change auditor after long period as external auditor
Mandatory auditor rotation in accordance with External Auditor Independence Policy requiring tender and formal assessment at least every 10 years
KPMG identified a conflict of interest after Downer's announcement on 4 March 2024
Mandatory rotation after 15 years as a matter of corporate governance
Good governance practice to change auditor after long period of service
Cost reduction and audit fee review
Related Insights
Data sourced from publicly available records. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.