Part 2External Reporting Board, standards, and provisions that apply to other enactments
Standard provisions relating to auditor qualifications and access to information: Auditor qualifications
36ICancellation or suspension of recognition or approval
The Institute, any other accredited body, or an approved association may, in accordance with its rules, cancel or suspend its recognition of a person for the purposes of section 36(1)(a) or (ab) or (c)(ia) if the Institute, body, or association considers that the grounds for cancellation or suspension specified in its rules are satisfied.
The Institute or any other accredited body may cancel or suspend the recognition of a person for the purposes of section 36(1)(a) or (ab) if—
- the person is or was subject to an arrangement referred to in section 36T; and
- the Institute or body is satisfied that—
- the person has failed to comply with that arrangement in any material respect; or
- the term of the arrangement has ended.
- the person has failed to comply with that arrangement in any material respect; or
The Registrar may—
- cancel or suspend his or her approval of an association for the purposes of section 36(1)(c) if the Registrar considers that the association does not satisfy, or no longer satisfies, the requirements prescribed for the purposes of section 36A(1):
- cancel or suspend his or her approval of a person for the purposes of section 36(1)(d) if the Registrar considers that the person does not satisfy, or no longer satisfies, the requirements or minimum standards prescribed for the purposes of section 36A(2)(a) or (b):
- cancel or suspend his or her approval of an association or a person for the purposes of section 36(1)(c) or (d) if the Registrar considers that the association or person has failed to comply with any conditions under section 36A(4):
- cancel his or her approval of an association or a person for the purposes of section 36(1)(c) or (d) on the written request of the association or person.
The Institute, any other accredited body, or an approved association may—
- cancel or suspend its recognition of a person for the purposes of section 36(1)(f) or (g) if the Institute, body, or association considers that the person does not satisfy, or no longer satisfies, the requirements or minimum standards prescribed for the purposes of section 36C(1)(a) or (b):
- cancel its recognition of a person for the purposes of section 36(1) on the written request of the person.
A suspension under—
- subsection (1), (2), or (4) is for the period that the Institute, accredited body, or approved association thinks fit or until the person satisfies any requirements specified by the Institute, body, or association:
- subsection (3) is for the period that the Registrar thinks fit or until the association or person satisfies any requirements specified by the Registrar.
If a person that has been recognised for the purposes of section 36(1)(f) or (g) no longer has at least 1 director of the kind referred to in section 36C(1)(c), the recognition is treated as suspended until the person again has at least 1 director of that kind (or the recognition is sooner cancelled).
If the Institute, an accredited body, an approved association, or the Registrar cancels the recognition or approval of a person (A), the Institute, body, association, or Registrar (as the case may be) may give a written notice to A stating that A may not apply to be re-recognised or re-approved before the expiry of a specified period (and that notice is binding on A).
Notes
- Section 36I: inserted, on , by section 8 of the Financial Reporting Amendment Act 2014 (2014 No 64).


