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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

36T: Requirements for arrangement

You could also call this:

"Rules for agreements about auditor training and behaviour"

Illustration for Financial Reporting Act 2013

When you make an arrangement for auditor qualifications, it must state that it is for the purposes of this section. You must agree to follow certain rules, such as those for investigating complaints and disciplining members. These rules include the code of ethics that governs the professional conduct of the members of the Institute or other accredited body.

The arrangement must include a binding agreement to be subject to rules relating to the investigation of complaints, hearing of complaints, and appeals from decisions. You will also be subject to rules about the kinds of conduct that can lead to discipline and the penalties for such conduct. In some cases, you may be subject to additional rules, such as those referred to in section 36(1)(a)(ii) or (ab)(ii).

The arrangement can also include other matters, such as practice reviews, continuing professional development, and reports. It can also include things to promote compliance with auditing standards and financial reporting standards. The arrangement is binding on you, even if you are not a member of the Institute or other accredited body.

A disciplinary body is an organisation that deals with complaints and discipline, as defined in the Auditor Regulation Act 2011. The rules refer to the rules of the Institute or other accredited body.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6521612.

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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

36TRequirements for arrangement

  1. For the purposes of section 36R or 36S (or both), the arrangement must—

  2. state that the arrangement is entered into for the purposes of this section; and
    1. include a binding agreement by A to be subject to the following:
      1. the rules relating to the investigation of complaints against a member or former member of the Institute or other accredited body:
        1. the rules relating to the hearing of complaints and other matters by a disciplinary body:
          1. the rules relating to appeals from decisions of a disciplinary body:
            1. the rules relating to the kinds of conduct for which a member or former member of the Institute or other accredited body may be disciplined:
              1. the rules relating to the actions that may be taken in respect of, and the penalties that may be imposed on, a member or former member of the Institute or other accredited body for such conduct:
                1. in the case of section 36R, the rules referred to in section 36(1)(a)(ii) or (ab)(ii):
                  1. the code of ethics that governs the professional conduct of the members of the Institute or other accredited body.

                  2. The arrangement may provide for any other matters that the Institute or other accredited body thinks fit, including matters—

                  3. relating to practice reviews:
                    1. relating to continuing professional development:
                      1. relating to reports and access to information:
                        1. to promote compliance with the requirements imposed by or under any enactment that relate to the conduct of audits or other accounting engagements:
                          1. to promote compliance with auditing and assurance standards and financial reporting standards:
                            1. to otherwise promote reasonable care, diligence, and skill in the carrying out of audits or other accounting engagements:
                              1. relating to the payment of fees:
                                1. relating to the term of the arrangement.

                                  1. Without limiting the means of enforcing the arrangement, the arrangement is binding on A as if A were a member of the Institute or other accredited body.

                                  2. In this section,—

                                    disciplinary body has the same meaning as in section 6(1) of the Auditor Regulation Act 2011

                                      rules means the rules of the Institute or other accredited body (as the case may be).

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