Building Societies Act 1965

Management and administration - Annual return

106: Auditors' report on annual return

You could also call this:

"Auditors check and write about the society's yearly report"

When a building society prepares its annual return, the society's auditors need to write a report about it. They must attach this report to the annual return that is sent to the Registrar.

The government can make rules about what the auditors need to include in their report. These rules might say that the auditors don't have to check everything in the annual return.

In their report, the auditors must say three important things:

First, they need to say if they think the annual return is written correctly according to the law and any rules.

Second, they should say if the annual return gives a true and fair picture of the things it's supposed to cover. They don't need to talk about anything that the rules say they can skip.

Third, they must say if the annual return matches the society's accounting and other records.

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This page was last updated on 15 April 2025

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM372090.

Topics:

Money and consumer rights > Banking and loansHousing and property > Buying and selling homes

105: Additional annual return of certain transactions, or

"Building societies no longer need to provide extra yearly reports on specific dealings"

107: Officers and auditors not to be exempted from liability, or

"Rules can't protect building society leaders from getting in trouble for their mistakes"

Part 7Management and administration
Annual return

106Auditors' report on annual return

The auditors of a society shall make a report on the annual return, and that report shall be annexed to the annual return made to the Registrar.
Without limiting the power to make regulations under section 137, any such regulations may provide that the auditors of a society shall not be required, in their report on the annual return, to deal with such of the matters to be contained in the annual return as may be prescribed.
The auditors' report on the annual return shall, without prejudice to any provision of this Act requiring any other information to be contained therein, contain statements as to the following matters:
whether in their opinion the annual return is properly drawn up in accordance with this Act and any regulations made thereunder:
whether the annual return gives a true and fair view of the matters to which it is to be addressed, other than those with which the auditors, by virtue of regulations made under this Act, are not required to deal:
whether the annual return is in agreement with the accounting and other records of the society.

Compare

1908 No 18 s 44(2)
Building Societies Act 1962 s 91 (UK)

Notes

Section 106(3)(c): amended, on 1 April 2014, by section 12 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).