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Public Audit Act 2001

Miscellaneous provisions

42: Audit fees

You could also call this:

"Paying for audit services: what you need to know about audit fees"

Illustration for Public Audit Act 2001

The Auditor-General can charge you a fee for services provided under sections like section 14, 15, 15B, 16, and 17. You have to pay a reasonable fee, which is decided by considering the type of service, auditing standards published under section 23, and the qualifications of the people providing the service. The Auditor-General decides what is reasonable.

The Auditor-General can let an appointed auditor or an appointed CRD assurance practitioner charge you directly for their services. You pay the fee to the Auditor-General, or to the appointed auditor or the appointed CRD assurance practitioner, when they ask you to in writing. If you and the Auditor-General cannot agree on the fee, the matter goes to arbitration, which is decided under the Arbitration Act 1996.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM88936.

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Part 7Miscellaneous provisions

42Audit fees

  1. The Auditor-General may charge fees to a public entity for the provision of services under any of sections 14, 15, 15B, 16, and 17.

  2. The fees must be reasonable, having regard to—

  3. the nature and extent of the services provided; and
    1. the requirements of auditing standards published under section 23; and
      1. the qualifications and experience of the persons necessarily engaged in providing the services; and
        1. any other matters the Auditor-General thinks fit.

          1. The Auditor-General may permit an appointed auditor or an appointed CRD assurance practitioner to recover fees directly from the public entity.

          2. The public entity must pay any fees to the Auditor-General, or to the appointed auditor or the appointed CRD assurance practitioner, on the completion of the whole or any part of the audit or assurance engagement when requested in writing to do so.

          3. If the Auditor-General and the public entity fail to agree as to the reasonableness of a fee, the matter must be submitted to arbitration and the provisions of the Arbitration Act 1996 apply.

          Notes
          • Section 42(1): amended, on , by section 54(1) of the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act 2021 (2021 No 39).
          • Section 42(3): amended, on , by section 54(2) of the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act 2021 (2021 No 39).
          • Section 42(4): replaced, on , by section 54(3) of the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act 2021 (2021 No 39).