Market concentration, auditor rotation history, and post-rotation impact data across 127 NZX-listed issuers. Based on 221 audit history records and 43 auditor change events.
Based on validated backtesting of NZX auditor change events, companies that switched auditors underperformed the market by an average of 7.76% (excess return) at the 180-day mark following the announcement.
This is a historical data observation, not a forecast or investment recommendation. Past patterns may not persist. Multiple confounding factors (financial distress, M&A activity, regulatory requirements) may drive both auditor changes and share price movements.
Which audit firms dominate each NZX sector. Sectors with 2+ issuers shown.
| Sector | Issuers | Dominant Firm | Share | Other Firms |
|---|---|---|---|---|
| Industrials | 23 | Deloitte | 30%(7/23) | Ernst & Young (4), PricewaterhouseCoopers (4), KPMG (3) +4 more |
| Financials | 21 | Ernst & Young | 24%(5/21) | PricewaterhouseCoopers (5), KPMG (4), BDO (1) +6 more |
| Real Estate | 16 | PricewaterhouseCoopers | 38%(6/16) | Deloitte (3), Ernst & Young (3), BDO (1) +3 more |
| Consumer Discretionary | 15 | PricewaterhouseCoopers |
All recorded auditor switches — where both old and new auditor are identified. 37 rotation events.
Every NZX issuer and their current auditor, with estimated tenure and last change date. 127 issuers.
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.
| Baker Tilly Staples Rodway (3), KPMG (3), Ernst & Young (1) +3 more |
| Consumer Staples | 14 | PricewaterhouseCoopers | 29%(4/14) | Deloitte (3), KPMG (3), Ernst & Young (2) +2 more |
| Healthcare | 12 | PricewaterhouseCoopers | 33%(4/12) | Deloitte (2), William Buck (2), Baker Tilly Staples Rodway (1) +3 more |
| Materials | 8 | Ernst & Young | 25%(2/8) | KPMG (2), Deloitte (1), Grant Thornton (1) +2 more |
| Utilities | 7 | Deloitte | 43%(3/7) | Ernst & Young (2), KPMG (2) |
| Information Technology | 6 | PricewaterhouseCoopers | 33%(2/6) | Ernst & Young (1), Grant Thornton (1), UHY Haines Norton (1) +1 more |
| Communication Services | 4 | PricewaterhouseCoopers | 50%(2/4) | Deloitte (1), KPMG (1) |
Red indicates 60%+ single-firm dominance. Amber indicates 40-59%.
| 19 Mar 2025 | SDL | Grant Thornton | → | Baker Tilly Staples Rodway | Auditor rotation after working with the same auditors since the Company was listed in 2004 |
| 6 Mar 2025 | NZX | KPMG | → | PricewaterhouseCoopers | Good governance and length of tenure |
| 8 Sept 2024 | ARB | Deloitte | → | Grant Thornton | -- |
| 1 Jul 2024 | NZK | Ernst & Young | → | PricewaterhouseCoopers | Good governance practice to change auditor after long period as external auditor |
| 27 Jun 2024 | RYM | Deloitte | → | PricewaterhouseCoopers | Mandatory auditor rotation in accordance with External Auditor Independence Policy requiring tender and formal assessment at least every 10 years |
| 9 Apr 2024 | DOW | KPMG | → | PricewaterhouseCoopers | KPMG identified a conflict of interest after Downer's announcement on 4 March 2024 |
| 1 Feb 2024 | WCO | Baker Tilly Staples Rodway | → | Deloitte | -- |
| 8 Jan 2024 | TWL | KPMG | → | UHY Haines Norton | Cost savings objectives |
| 8 Oct 2023 | THL | PricewaterhouseCoopers | → | Ernst & Young | -- |
| 29 Aug 2023 | SEK | PricewaterhouseCoopers | → | Grant Thornton | Mandatory rotation after 15 years as a matter of corporate governance |
| 27 Aug 2023 | OCA | PricewaterhouseCoopers | → | Ernst & Young | Good governance practice to change auditor after long period of service |
| 17 Jul 2023 | TAH | Ernst & Young | → | UHY Haines Norton | Cost reduction and audit fee review |
| 30 Jun 2023 | ENS | RSM | → | UHY Haines Norton | -- |
| 15 Dec 2022 | HGH | KPMG | → | PricewaterhouseCoopers | Good governance practice to change auditor after a long period |
| 7 Sept 2022 | GEN | Baker Tilly Staples Rodway | → | Grant Thornton | -- |
| 21 Jun 2022 | KPG | PricewaterhouseCoopers | → | Deloitte | -- |
| 30 Mar 2022 | ALF | KPMG | → | RSM | Cost reduction and benchmarking of audit fees against similar organisations |
| 6 Dec 2021 | KMD | PricewaterhouseCoopers | → | KPMG | -- |
| 12 Apr 2021 | PGW | KPMG | → | Ernst & Young | Review of audit services |
| 27 Oct 2020 | DGL | Ernst & Young | → | Deloitte | -- |
| 14 May 2020 | CRP | KPMG | → | Grant Thornton | -- |
| 22 Mar 2020 | SPK | KPMG | → | Deloitte | Mandatory rotation after 18 years of service |
| 16 Feb 2020 | TRU | BDO | → | RSM | -- |
| 13 Feb 2020 | FWL | PricewaterhouseCoopers | → | Deloitte | Board reviewing requirements during current growth phase |
| 10 Feb 2020 | ALF | PricewaterhouseCoopers | → | KPMG | Competitive tender process as part of comprehensive governance review |
| 4 Feb 2020 | ENS | Baker Tilly Staples Rodway | → | RSM | -- |
| 31 Jan 2020 | CCC | BDO | → | William Buck | -- |
Showing 30 of 37 rotation events.
| AFT |
| AFT Pharmaceuticals Limited |
| Healthcare |
| Deloitte |
| -- |
| Feb 2018 |
| AGL | Accordant Group Limited | Utilities | Deloitte | 4yr | -- |
| AIA | Auckland International Airport Limited | Industrials | Deloitte | -- | -- |
| AIR | Air New Zealand | Industrials | Deloitte | 1yr | -- |
| ALF | Allied Farmers Limited | Financials | BDO | -- | Mar 2022 |
| ANZ | ANZ Group Holdings Limited | Financials | KPMG | -- | -- |
| AOF | AoFrio Limited | Financials | Deloitte | -- | Oct 2019 |
| APL | Asset Plus | Real Estate | Grant Thornton | 9yr | -- |
| ARB | ArborGen Holdings Limited | Industrials | Grant Thornton | 1yr | Sept 2024 |
| ARG | Argosy Property Limited | Real Estate | Deloitte | 1yr | -- |
| ATM | The a2 Milk Company Limited | Consumer Staples | Ernst & Young | -- | -- |
| BAI | Being AI | Healthcare | William Buck | -- | -- |
| BFG | Burger Fuel Group Limited | Consumer Discretionary | Baker Tilly Staples Rodway | 1yr | -- |
| BGP | Briscoe Group Limited | Consumer Discretionary | PricewaterhouseCoopers | -- | -- |
| BIF | Booster Innovation Fund | Financials | Ernst & Young | -- | -- |
| BIT | The Bankers Investment Trust PLC | Financials | Ernst & Young | -- | -- |
| BLT | BLIS Technologies Limited | Consumer Staples | Deloitte | 7yr | -- |
| BPG | Black Pearl Group Limited | Real Estate | William Buck | 1yr | -- |
| BRM | Barramundi Limited | Financials | PricewaterhouseCoopers | 1yr | -- |
| BRW | Bremworth Limited | Consumer Discretionary | PricewaterhouseCoopers | 2yr | -- |
| CCC | Cooks Coffee Company Limited | Consumer Staples | William Buck | -- | Jan 2020 |
| CDI | CDL Investments New Zealand Limited | Real Estate | KPMG | -- | -- |
| CEN | Contact Energy Limited | Utilities | Ernst & Young | -- | -- |
| CHI | Channel Infrastructure NZ Limited | Energy | Ernst & Young | 2yr | Dec 2019 |
| CMO | The Colonial Motor Company Limited | Consumer Discretionary | Grant Thornton | 16yr | -- |
| CNU | Chorus Limited | Communication Services | KPMG | -- | -- |
| CRP | Chatham Rock Phosphate Limited | Industrials | Grant Thornton | -- | May 2020 |
| CVT | Comvita Limited | Industrials | KPMG | -- | -- |
| DGL | Delegat Group Limited | Consumer Staples | Deloitte | -- | Oct 2020 |
| DOW | Downer EDI Limited | Industrials | PricewaterhouseCoopers | -- | Apr 2024 |
| EBO | EBOS Group Limited | Healthcare | Deloitte | 7yr | -- |
| ENS | Enprise Group Limited | Information Technology | UHY Haines Norton | 3yr | Jun 2023 |
| ERD | EROAD | Industrials | KPMG | 4yr | -- |
| FBU | Fletcher Building | Materials | Ernst & Young | -- | -- |
| FCG | Fonterra Co-operative Group Limited | Consumer Staples | KPMG | -- | -- |
| FCT | F&C INVESTMENT TRUST PLC | Financials | Ernst & Young | -- | -- |
| FPH | Fisher & Paykel Healthcare Corporation Limited | Healthcare | PricewaterhouseCoopers | 1yr | -- |
| FRW | Freightways Group Limited | Industrials | PricewaterhouseCoopers | 4yr | -- |
| FSF | Fonterra Shareholders' Fund | Consumer Staples | PricewaterhouseCoopers | -- | -- |
| FWL | Foley Wines Limited | Consumer Staples | Deloitte | 6yr | Feb 2020 |
| GEN | General Capital Limited | Financials | Grant Thornton | 1yr | Sept 2022 |
| GMT | Goodman Property Trust | Real Estate | PricewaterhouseCoopers | -- | -- |
| GNE | Genesis Energy Limited | Utilities | Deloitte | 7yr | -- |
| GTK | Gentrack Group Limited | Information Technology | Ernst & Young | 2yr | -- |
| GXH | Green Cross Health Limited | Healthcare | KPMG | -- | -- |
| HFL | Henderson Far East Income Limited | Financials | KPMG | -- | -- |
| HGH | Heartland Group Holdings Limited | Financials | PricewaterhouseCoopers | -- | Dec 2022 |
| HLG | Hallenstein Glasson Holdings Limited | Consumer Discretionary | PricewaterhouseCoopers | 1yr | -- |
| IFT | Infratil Limited | Utilities | KPMG | -- | -- |
| IKE | ikeGPS Group Limited | Materials | Grant Thornton | -- | -- |
| IPL | Investore Property Limited | Real Estate | PricewaterhouseCoopers | -- | -- |
| IPR | Iperion Limited | Real Estate | BDO | 1yr | -- |
| KFL | Kingfish Limited | Financials | PricewaterhouseCoopers | 1yr | -- |
| KMD | KMD Brands Limited | Consumer Discretionary | KPMG | -- | Dec 2021 |
| KPG | Kiwi Property | Real Estate | Deloitte | -- | Jun 2022 |
| LIC | Livestock Improvement Corporation Limited | Financials | KPMG | 8yr | -- |
| MCK | Millennium & Copthorne Hotels New Zealand Limited | Consumer Discretionary | KPMG | 1yr | -- |
| MCY | Mercury NZ Limited | Utilities | Ernst & Young | 1yr | -- |
| MEE | Me Today Limited | Consumer Staples | BDO | 1yr | -- |
| MEL | Meridian Energy Limited | Utilities | Deloitte | -- | -- |
| MEX | Minerals Exploration Limited | Materials | Hall Chadwick | 1yr | -- |
| MFB | My Food Bag Group Limited | Financials | Ernst & Young | 4yr | -- |
| MFT | Mainfreight Limited | Industrials | Ernst & Young | -- | -- |
| MHJ | Michael Hill International Limited | Consumer Discretionary | Ernst & Young | 6yr | -- |
| MKR | Manuka Resources Limited | Materials | RSM | -- | -- |
| MLN | Marlin Global Limited | Financials | PricewaterhouseCoopers | 1yr | -- |
| MOV | MOVE Logistics Group Limited | Industrials | PricewaterhouseCoopers | 1yr | -- |
| MPG | Metro Performance Glass | Real Estate | PricewaterhouseCoopers | 9yr | -- |
| NPH | Napier Port Holdings Limited | Industrials | Ernst & Young | 9yr | -- |
| NTL | New Talisman Gold Mines Ltd | Industrials | Baker Tilly Staples Rodway | 1yr | Feb 2025 |
| NZK | New Zealand King Salmon Investments Limited | Consumer Staples | PricewaterhouseCoopers | -- | Jul 2024 |
| NZL | New Zealand Rural Land Company Limited | Real Estate | PricewaterhouseCoopers | 1yr | Oct 2025 |
| NZM | NZME Limited | Communication Services | PricewaterhouseCoopers | 1yr | -- |
| NZX | NZX Limited | Financials | PWC, Wellington | -- | Mar 2025 |
| OCA | Oceania Healthcare Limited | Healthcare | Ernst & Young | -- | Aug 2023 |
| PCT | Precinct Properties New Zealand Limited | Real Estate | Ernst & Young | 2yr | -- |
| PEB | Pacific Edge Limited | Healthcare | PricewaterhouseCoopers | -- | -- |
| PFI | Property for Industry Limited | Real Estate | PricewaterhouseCoopers | -- | -- |
| PGW | PGG Wrightson Limited | Industrials | Ernst & Young | 1yr | Apr 2021 |
| PHL | Promisia Healthcare Limited | Healthcare | William Buck | 4yr | Mar 2019 |
| PLP | Private Land and Property Fund | Real Estate | Ernst & Young | 1yr | Mar 2020 |
| POT | Port of Tauranga Limited | Industrials | KPMG | -- | -- |
| PYS | PaySauce Limited | Information Technology | Grant Thornton | 7yr | -- |
| RAD | Radius Residential Care Limited | Healthcare | Baker Tilly Staples Rodway | 6yr | -- |
| RAK | Rakon Limited | Information Technology | PricewaterhouseCoopers | 3yr | -- |
| RBD | Restaurant Brands New Zealand Limited | Consumer Discretionary | PricewaterhouseCoopers | 6yr | -- |
| RTO | RTO Limited | Information Technology | William Buck | 4yr | Apr 2019 |
| RUA | Rua Bioscience Limited | Healthcare | Pricewaterhouse Coopers | -- | -- |
| RYM | Ryman Healthcare Limited | Healthcare | PricewaterhouseCoopers | -- | Jun 2024 |
| SAN | Sanford Limited | Consumer Staples | KPMG | 2yr | -- |
| SCL | Scales Corporation Limited | Industrials | PricewaterhouseCoopers | -- | -- |
| SCT | Scott Technology Limited | Industrials | Deloitte | -- | -- |
| SDL | Solution Dynamics Limited | Consumer Discretionary | Baker Tilly Staples Rodway | 1yr | Mar 2025 |
| SEK | Seeka Limited | Consumer Staples | PricewaterhouseCoopers | -- | Aug 2023 |
| SKC | SkyCity Entertainment Group Limited | Consumer Discretionary | KPMG | -- | -- |
| SKL | Skellerup Holdings Limited | Industrials | Ernst & Young | -- | -- |
| SKL | Skellerup | Materials | Ernst & Young | -- | -- |
| SKO | Serko Limited | Industrials | Deloitte | -- | -- |
| SKT | Sky Network Television Limited | Communication Services | PricewaterhouseCoopers | -- | -- |
| SMI | Santana Minerals Ltd | Materials | KPMG | 1yr | -- |
| SML | Synlait Milk Limited | Consumer Staples | KPMG | -- | -- |
| SPG | Stride Property Limited | Real Estate | PricewaterhouseCoopers | -- | -- |
| SPK | Spark New Zealand Limited | Communication Services | Deloitte | -- | Mar 2020 |
| SPN | South Port New Zealand Limited | Industrials | Deloitte | -- | -- |
| STU | Steel & Tube Holdings Limited | Materials | KPMG | -- | -- |
| SUM | Summerset Group Holdings Limited | Healthcare | PricewaterhouseCoopers | -- | -- |
| SVR | Savor Limited | Consumer Staples | Ernst & Young | 1yr | Oct 2019 |
| TAH | Third Age Health Services Limited | Consumer Discretionary | UHY Haines Norton | 1yr | Feb 2025 |
| TEM | Templeton Emerging Markets Investment Trust PLC | Financials | Ernst & Young | -- | -- |
| TGG | T&G Global Limited | Consumer Staples | PricewaterhouseCoopers | -- | -- |
| THL | Tourism Holdings Limited | Consumer Discretionary | Not specified | -- | Oct 2023 |
| TRA | Turners Automotive Group | Consumer Discretionary | Baker Tilly Staples Rodway | 6yr | -- |
| TRU | TRUSCREEN GROUP LIMITED | Industrials | Hall Chadwick | -- | May 2025 |
| TWL | TradeWindow Holdings Limited | Industrials | UHY Haines Norton | -- | Jan 2024 |
| TWR | Tower Limited | Financials | Not specified | -- | -- |
| VCT | Vector Limited | Utilities | KPMG | -- | -- |
| VGL | Vista Group International Limited | Information Technology | PricewaterhouseCoopers | 8yr | -- |
| VHP | Vital Healthcare Property Trust | Real Estate | Deloitte | -- | May 2025 |
| VNT | Ventia Services Group Limited | Industrials | Deloitte | -- | -- |
| VSL | Vulcan Steel Limited | Materials | Deloitte | -- | -- |
| WBC | Westpac Banking Corporation | Financials | KPMG | -- | -- |
| WCO | WasteCo Group Limited | Industrials | Deloitte | -- | Feb 2024 |
| WHS | The Warehouse Group Limited | Consumer Discretionary | PricewaterhouseCoopers | 1yr | -- |
| WIN | Winton Land Limited | Real Estate | Ernst & Young | 2yr | -- |
Tenure estimated from audit history records. Red: 7+ years, amber: 5-6 years. Last change date from audit_changes table.
