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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

36E: Institute, accredited bodies, and approved associations must keep recognition under review

You could also call this:

"Groups that recognise auditors must regularly check they still meet the requirements."

Illustration for Financial Reporting Act 2013

The Institute and other groups that recognise people as auditors must check regularly that these people still meet the requirements. You need to know that the purpose of these checks is to make sure the recognised people continue to satisfy the necessary standards. The groups must do an annual review of each recognised person to verify they still meet the requirements, for example, by asking the person to confirm this.

The Institute and other groups must have good systems in place to do these reviews. These systems help make sure that recognised people continue to meet the standards set out in section 36(1). This is an important part of being recognised as an auditor.

The groups must review each person every year to check they still meet the requirements. This can be done by asking the person to verify that they continue to meet the standards. The annual review is a key part of keeping the recognition up to date.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6521288.

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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

36EInstitute, accredited bodies, and approved associations must keep recognition under review

  1. The Institute, any other accredited body, or an approved association that recognises any person for the purposes of section 36(1) must maintain adequate and effective systems for keeping under review the recognition of those persons.

  2. The purpose of the review is to provide reasonable assurance that the requirements and minimum standards for recognition continue to be satisfied.

  3. The systems must include an annual review of each person who is recognised (for example, by requiring the person to verify that the requirements and any minimum standards for recognition continue to be satisfied).

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