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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

36C: Institute, accredited bodies, and approved associations may recognise body corporate as eligible to act as auditor

You could also call this:

"Some groups can approve a company to check finances if it meets certain rules."

Illustration for Financial Reporting Act 2013

The Institute, an accredited body, or an approved association can say a company is eligible to act as an auditor. You need to meet certain requirements, which are set out in the law. The company must have at least one director who is a member of the Institute, an accredited body, or an approved association, and is also a qualified auditor under section 36(1).

The company must satisfy the prescribed matters, which include meeting certain requirements and minimum standards. If the Institute, an accredited body, or an approved association is satisfied that the company meets these requirements, they can recognise the company as eligible to act as an auditor.

This recognition can apply to all types of entities or just some kinds of entities, as stated in section 36(1)(f) or (g).

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6520469.

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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"

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36D: Registrar of Companies may approve overseas countries and legal structures, or

"The Registrar of Companies can okay some overseas countries and businesses to audit New Zealand companies."

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

36CInstitute, accredited bodies, and approved associations may recognise body corporate as eligible to act as auditor

  1. The Institute, any other accredited body, or an approved association may recognise a company or an overseas company for the purposes of section 36(1)(f) or (g) if, after taking into account the prescribed matters, the Institute, accredited body, or approved association is satisfied that the company or overseas company—

  2. 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; and
      1. has at least 1 director who is—
        1. a member of the Institute, accredited body, or approved association; and
          1. a qualified auditor under any of paragraphs (a) to (d) of section 36(1) (in respect of all specified entities or 1 or more kinds of specified entities).

          2. Recognition may relate to all specified entities or to 1 or more kinds of specified entities.

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