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Reserves Act 1977

Financial provisions

88: Financial statements and audit

You could also call this:

"People in charge of a reserve must do accounts and get them checked by the Auditor-General."

Illustration for Reserves Act 1977

If you are in charge of a reserve, you must make sure financial statements are completed within five months of the end of the financial year. You need to date and sign these statements on behalf of your group. Then you must send them to the Auditor-General for checking.

Your financial statements must be prepared in a certain way, following standard accounting rules. The Public Audit Act 2001 applies to the checking of your financial statements. You can find out more about what this means by looking at section 4 of that Act.

You must send a copy of your financial statements to the Commissioner, who will pass them on to the Minister. You also need to include a report about what your group did during the year. But if you are a local authority, you might not have to send these statements and reports to the Minister.

If you are a local authority, you can include the reserve's financial statements in your own annual statements. There was a special rule for the period from 1 April 1992 to 30 June 1993, which was treated as a financial year.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM444949.

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Part 4Financial provisions

88Financial statements and audit

  1. Every administering body, not being a board, must ensure that, within 5 months after the end of the financial year ending on 30 June, financial statements are—

  2. completed in relation to the administering body and that financial year; and
    1. dated and signed on behalf of the administering body by 2 members or officers of the body; and
      1. submitted to the Auditor-General for audit.

        1. The financial statements must be prepared in accordance with,—

        2. in the case of a specified not-for-profit entity, generally accepted accounting practice; or
          1. in any other case, either generally accepted accounting practice or a non-GAAP standard that applies for the purposes of this section.

            1. Subsection (1) is subject to subsection (4).

            2. The Public Audit Act 2001 applies with respect to the audit of the financial statements of every such administering body, as if it were a public entity as defined in section 4 of that Act.

            3. A copy of every such statement shall be submitted to the Commissioner for transmission to the Minister, accompanied by a report as to the operations of the administering body for the year.

            4. If a local authority is the administering body of a reserve, it shall not be required to submit those financial statements and report to the Minister, unless the terms of vesting or control and management so require.

            5. Where a local authority is the administering body, the statements required by this section shall be incorporated in the annual financial statements of the local authority, and the time for preparation and submission of the financial statements required by this section shall be deemed to have been amended accordingly.

            6. For the purposes of this section, the period commencing on 1 April 1992 and ending with 30 June 1993 shall be deemed to be a financial year.

            Notes
            • Section 88: replaced, on , by section 42 of the Public Finance Amendment Act 1992 (1992 No 142).
            • Section 88 heading: replaced, on , by section 125 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).
            • Section 88(1): replaced, on , by section 125 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).
            • Section 88(1A): inserted, on , by section 125 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).
            • Section 88(1B): inserted, on , by section 125 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).
            • Section 88(2): replaced, on , by section 53 of the Public Audit Act 2001 (2001 No 10).
            • Section 88(2): amended, on , by section 125 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).
            • Section 88(4): amended, on , by section 125 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).
            • Section 88(5): amended, on , by section 125 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).