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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

36J: Effect of cancellation or suspension of accreditation or approval on recognition under section 36

You could also call this:

"What happens to your recognition if an institute or association's accreditation or approval is cancelled or suspended"

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If the accreditation of an institute or body is cancelled under section 59 of the Auditor Regulation Act 2011, you will no longer be recognised under section 36(1). If the accreditation is suspended, your recognition under section 36(1) will also be suspended for the same period. This applies to recognition given by an accredited body.

If an association's approval is cancelled or suspended by the Registrar, the same rules apply to recognition under section 36(1)(c), (f), or (g). However, if you are recognised by another accredited body or approved association for the purposes of section 36(1), these rules do not apply to you. You will still be recognised under section 36(1) because of the other body's recognition.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6521295.

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36I: Cancellation or suspension of recognition or approval, or

"When authorities cancel or suspend a group's or person's special status for not following rules"

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36K: Registrar of Companies may authorise person to continue to act in respect of audit despite cancellation or suspension under section 36J, or

"Registrar can let auditor keep working on a job despite losing their licence"

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

36JEffect of cancellation or suspension of accreditation or approval on recognition under section 36

  1. If the accreditation of the Institute or of an accredited body (A) is—

  2. cancelled under section 59 of the Auditor Regulation Act 2011, any recognition given by A and referred to in section 36(1) is treated as cancelled:
    1. suspended under section 59 of that Act, any recognition given by A and referred to in section 36(1) is treated as suspended during the period in which A's accreditation is suspended.

      1. If the approval of an association (A) as an approved association is—

      2. cancelled by the Registrar, any recognition given by A and referred to in section 36(1)(c), (f), or (g) is treated as cancelled:
        1. suspended by the Registrar, any recognition given by A and referred to in section 36(1)(c), (f), or (g) is treated as suspended during the period in which A’s approval is suspended.

          1. Subsection (1) or (2) does not apply if the person who is recognised by A is also recognised by another accredited body or approved association for the purposes of section 36(1).

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