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Financial Markets Conduct Act 2013

Financial reporting - Preparation, audit, and lodgement of financial statements - Audit of financial statements

461F: Audit must be carried out in accordance with auditing and assurance standards

You could also call this:

"Audits must be done correctly and fairly by following the rules."

Illustration for Financial Markets Conduct Act 2013

When you do an audit for the purposes of section 461D, you must follow all the applicable auditing and assurance standards. You have to do the audit in a way that meets these standards. This is so the audit is done correctly and fairly.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6027078.

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461E: Meaning of qualified FMC auditor, or

"A qualified FMC auditor is a special kind of auditor who is allowed to check financial records, like a licensed auditor or the Auditor-General."

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461G: Auditor's report, or

"A report from an auditor to check if a company's financial statements are correct"

Part 7Financial reporting
Preparation, audit, and lodgement of financial statements: Audit of financial statements

461FAudit must be carried out in accordance with auditing and assurance standards

  1. An auditor must, in carrying out an audit for the purposes of section 461D, comply with all applicable auditing and assurance standards.

Notes
  • Section 461F: inserted, on , by section 48 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).