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Financial Markets Conduct Act 2013

Climate-related disclosures for certain FMC reporting entities with higher level of public accountability - Assurance engagements

461ZHB: Assurance practitioner’s report

You could also call this:

"Report on climate statements by an assurance practitioner"

Illustration for Financial Markets Conduct Act 2013

When you prepare a report on climate statements, you must follow certain rules. You have to make sure your report meets all the necessary auditing and assurance standards. If your report shows that the rules have not been followed, you must send a copy of the report to the FMA, the External Reporting Board, and in some cases, a supervisor, within 20 working days.

If you do not send the report as required, you can get in trouble with the law. You might have to pay a fine of up to $50,000 if you break this rule. Your report must be about the climate statements prepared under sections 461Z to 461ZC, which have specific requirements.

You need to be careful when preparing your report to avoid any problems. The rules are in place to ensure that climate statements are accurate and follow the law. You should check the sections 461Z to 461ZC to understand what is required of you.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS1001924.

Topics:
Environment and resources > Climate and energyBusiness > Industry rules
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461ZHA: Assurance engagement must be carried out in accordance with auditing and assurance standards, or

"Follow the rules when checking something is true and fair."

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461ZHC: Assurance engagement may cover other parts of climate statements, or

"Assurance practitioners can check all or part of climate statements and must clearly report what they checked."

Part 7AClimate-related disclosures for certain FMC reporting entities with higher level of public accountability
Assurance engagements

461ZHBAssurance practitioner’s report

  1. The assurance practitioner’s report on the climate statements or group climate statements prepared by an entity under any of sections 461Z to 461ZC must comply with the requirements of all applicable auditing and assurance standards.

  2. If the assurance practitioner’s report indicates that the requirements of this Part have not been complied with, the assurance practitioner must, within 20 working days after signing the report, send a copy of the report, and a copy of the climate statements or group climate statements to which it relates, to—

  3. the FMA; and
    1. the External Reporting Board; and
      1. in the case of a climate reporting entity that is an issuer of debt securities or a manager of a registered scheme, the supervisor.

        1. An assurance practitioner who contravenes subsection (2) commits an offence and is liable on conviction to a fine not exceeding $50,000.

        Notes
        • Section 461ZHB: inserted, on , by section 25 of the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act 2021 (2021 No 39).