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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

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

You could also call this:

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

Illustration for Financial Reporting Act 2013

If your recognition as an auditor is cancelled or suspended under section 36J, but you are already acting as an auditor for a company, the Registrar of Companies can let you keep acting as the auditor. The Registrar can set conditions for you to keep acting as the auditor. You can then keep acting as the auditor according to those conditions, and for that particular audit, it is as if your recognition had not been cancelled or suspended.

If the Registrar gives you permission to keep acting as the auditor, you must follow the conditions they set. You are allowed to keep acting as the auditor for that particular company because the Registrar said you could. This means you can finish the audit you started, even if your recognition as an auditor has been cancelled or suspended.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6521297.

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

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

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36L: Notification of recognised and approved persons, or

"Getting notices when you're approved or recognised as an auditor"

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

36KRegistrar of Companies may authorise person to continue to act in respect of audit despite cancellation or suspension under section 36J

  1. This section applies if—

  2. a person's recognition is cancelled or suspended under section 36J; and
    1. the person is acting, or has been appointed to act, as the auditor in respect of an audit at the time that the recognition is cancelled or suspended.

      1. The Registrar may authorise the person to act, or to continue to act, as the auditor in respect of the audit on the terms and conditions that the Registrar thinks fit.

      2. The person may act, or continue to act, as the auditor in respect of the audit in accordance with the terms and conditions of the authorisation (and, for the purposes of that audit, the person's recognition must be treated as continuing).

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