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Electricity Industry Act 2010

Industry participants and consumers - Financial statements of customer and community trusts

103: Auditor-General to be auditor if no other auditor appointed

You could also call this:

“Auditor-General steps in if a trust doesn't have its own auditor”

If a customer trust or community trust doesn’t have an auditor, the Auditor-General will step in to do the job. This happens when no one is chosen to be the auditor, or when the auditor leaves and no one replaces them within a month.

When this happens, the people in charge of the trust (called trustees) must tell the Auditor-General in writing within 5 working days.

While the Auditor-General is doing the audit, some parts of a law called the Public Audit Act 2001 will apply to the trust. This continues until a new auditor is chosen at a meeting where the people who benefit from the trust can vote.

The law treats the trust like it’s a public organisation during this time, but only for the purposes of the audit. This arrangement stays in place until a new auditor is appointed.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM2634505.

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Business > Industry rules Government and voting > Government departments
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"Rules for choosing an auditor at a yearly meeting"

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Part 4 Industry participants and consumers
Financial statements of customer and community trusts

103Auditor-General to be auditor if no other auditor appointed

  1. If no auditor is appointed in accordance with section 101(1) or a casual vacancy in the office of auditor is not filled within 1 month after the vacancy occurring in accordance with section 101(2), the Auditor-General must be the auditor of a customer trust or community trust.

  2. The trustees of a customer trust or community trust must, within 5 working days after subsection (1) becoming applicable, give written notice to the Auditor-General of this fact.

  3. If the Auditor-General becomes the auditor of a trust, the sections and Parts of the Public Audit Act 2001 listed in section 19 of that Act apply to the trust, until an auditor is appointed at an annual meeting of beneficiaries, as if references in those sections to a public entity were references to the trust and with any other necessary modifications.

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