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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

36R: Exemption from membership requirement for certain members of religious societies or orders

You could also call this:

"Some religious group members don't need usual auditor qualifications"

Illustration for Financial Reporting Act 2013

If you are a member of a religious society or order, you might not have to meet the usual membership requirements to be an auditor. You do not have to be a chartered accountant or a member of an accredited body if the relevant body is satisfied that your religious beliefs stop you from joining any other organisation. The relevant body must also have a written arrangement with you that meets the requirements of section 36T.

This exemption stops if the relevant body is no longer satisfied with your situation and tells you in writing, or if the written arrangement ends and is not replaced with a new one that meets the requirements of section 36T. You should also look at section 36I(2), which explains what happens if you do not comply with the arrangement. In this case, the relevant body refers to the Institute or another accredited body, depending on the situation, as outlined in section 36(1)(a)(i) or section 36(1)(ab)(i).

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6521251.

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

36RExemption from membership requirement for certain members of religious societies or orders

  1. Section 36(1)(a)(i) or (ab)(i) (requirement to be a chartered accountant or member of an accredited body) does not apply to a person (A) if—

  2. the relevant body is satisfied that A is a practising member of a religious society or order whose doctrines or beliefs preclude membership of any organisation or body other than the religious society or order of which A is a member; and
    1. the relevant body has entered into a written arrangement with A that complies with section 36T.

      1. The exemption under subsection (1) ceases if—

      2. the relevant body ceases to be satisfied as referred to in subsection (1)(a) and gives written notice of that fact to A; or
        1. the arrangement is terminated or otherwise comes to an end (unless a subsequent arrangement that complies with section 36T is entered into).

          1. See also section 36I(2), which provides for the cancellation or suspension of recognition if there has been a material failure to comply with an arrangement.

          2. In this section, relevant body means,—

          3. in relation to section 36(1)(a)(i), the Institute; or
            1. in relation to section 36(1)(ab)(i), another accredited body.

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