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Financial Reporting Act 2013

External Reporting Board, standards, and provisions that apply to other enactments - Standard provisions relating to auditor qualifications and access to information - Auditor qualifications

36A: Power of Registrar of Companies to approve associations and auditors

You could also call this:

"The Registrar of Companies can approve groups and auditors who meet the rules and pay a fee."

Illustration for Financial Reporting Act 2013

The Registrar of Companies can approve associations and auditors if they meet certain requirements. You can apply to be approved, but you need to pay a fee. The Registrar will look at your application and decide if you meet the requirements that are prescribed for the purposes of this approval.

The Registrar can also add conditions to your approval, which means you have to follow certain rules. These conditions can be changed or removed at any time. The Registrar can impose conditions that limit what you can do, such as what types of audits you can carry out.

You can find more information about the approval process in section 36(1)(c)(i) for associations and section 36(1)(d)(ii) for individual auditors. The Registrar's decision is based on the requirements and standards that are prescribed, and they can impose any conditions they think are necessary.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6520447.

Topics:
Business > Industry rules
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36B: Approved associations and persons must report to Registrar, or

"Approved groups and people must send reports to the Registrar on time"

Part 2External Reporting Board, standards, and provisions that apply to other enactments
Standard provisions relating to auditor qualifications and access to information: Auditor qualifications

36APower of Registrar of Companies to approve associations and auditors

  1. The Registrar may, after receiving an application from an association of accountants, approve the association under section 36(1)(c)(i) if, after taking into account the prescribed matters (if any), the Registrar is satisfied that the association satisfies the requirements that are prescribed for the purposes of this subsection.

  2. The Registrar may, after receiving an application from a natural person, approve the person under section 36(1)(d)(ii) if, after taking into account the prescribed matters (if any), the Registrar is satisfied that the person—

  3. satisfies the requirements that are prescribed for the purposes of this paragraph; and
    1. satisfies the minimum standards that are prescribed for the purposes of this paragraph.

      1. An application under subsection (1) or (2) must be accompanied by the prescribed fee.

      2. The Registrar may, by written notice given to an association or other person,—

      3. impose conditions on the approval of that association or person under section 36(1)(c)(i) or (d)(ii); and
        1. vary, revoke, add to, or substitute any such conditions at any time.

          1. The Registrar may impose any conditions that the Registrar thinks fit (for example, conditions that impose limits or restrictions on the ability of an approved association to recognise its members or conditions that impose limits or restrictions on the types of audits that a person approved under section 36(1)(d) may carry out).

          Notes
          • Section 36A: inserted, on , by section 8 of the Financial Reporting Amendment Act 2014 (2014 No 64).