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Venture Capital Fund Act 2019

Accountability

40: Auditor-General is auditor of VCF

You could also call this:

"The Auditor-General checks the Venture Capital Fund's money records."

Illustration for Venture Capital Fund Act 2019

The Venture Capital Fund, or VCF, is treated like a public entity, which is defined in section 4 of the Public Audit Act 2001. You can think of a public entity like a government department or organisation. The Auditor-General is in charge of auditing the VCF. The Auditor-General checks the VCF's financial statements to make sure they are correct. You need to know that the Guardians send the VCF's financial statements to the Auditor-General every year. The Auditor-General then checks these statements and sends them back with their opinion.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS210827.

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39: Financial statements of VCF, or

"The Guardians must prepare yearly financial reports for the Venture Capital Fund."

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41: Annual report, or

"What's in the Venture Capital Fund's yearly report"

40Auditor-General is auditor of VCF

  1. The VCF is to be treated as if it were a public entity as defined in section 4 of the Public Audit Act 2001 and, in accordance with that Act, the Auditor-General is its auditor.

  2. The Guardians must, not later than 90 days after the end of the financial year, forward the annual financial statements of the VCF to the Auditor-General.

  3. The Auditor-General must issue an audit opinion within 30 days of receipt of the annual financial statements and must return the annual financial statements, with the audit report attached, to the Guardians.

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