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Partnership Law Act 2019

Financial reporting, dissolution of partnership, and other miscellaneous provisions - Financial reporting for large partnerships

61: Financial statements must be audited

You could also call this:

"Big partnerships need someone to check their money records, unless they choose not to"

If you are part of a big partnership, you need to make sure someone checks your financial statements. This person who checks is called a qualified auditor. They make sure your financial information is correct.

However, you don't have to do this if your partnership decides not to. There's a special rule in section 64 that lets you choose not to have your financial statements checked.

If you want to know more about who can check your financial statements and how they can get the information they need, you can look at sections 37 to 39 of the Financial Reporting Act 2013.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS206076.

Topics:
Business > Industry rules
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Part 4Financial reporting, dissolution of partnership, and other miscellaneous provisions
Financial reporting for large partnerships

61Financial statements must be audited

  1. The partners of a large partnership must ensure that the financial statements of the partnership are audited by a qualified auditor.

  2. This section does not apply to a partnership if the partnership opts out of this section under section 64.

  3. See sections 37 to 39 of the Financial Reporting Act 2013 (which provide for the appointment of a partnership to be the auditor and access to information in relation to a large partnership).

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