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Racing Industry Act 2020

Consequential amendments, repeal, and revocation

Schedule 4: Provisions relating to performance and efficiency audit of TAB NZ

You could also call this:

“Rules for checking how well TAB NZ is doing its job”

You need to know about the performance and efficiency audit of TAB NZ. This audit happens at least once every 5 years to check how well TAB NZ is doing its job. The audit looks at TAB NZ’s performance on the day of the audit and its future performance, but it can also consider the past 5 years.

Before the audit, TAB NZ talks to the Minister and recognised industry organisations about what the audit should cover. They need to agree on this. If they can’t agree, the Minister can decide. TAB NZ then chooses someone to do the audit, but the Minister needs to approve this choice. If the Minister doesn’t like TAB NZ’s choice, they can pick someone else.

The person doing the audit looks at TAB NZ’s goals, how it’s trying to reach them, and how it uses its resources. After the audit, they write a report and give copies to the Minister, TAB NZ, and recognised industry organisations. TAB NZ has to pay for the audit, with the cost agreed between TAB NZ and the auditor, or between the Minister and the auditor if the Minister chose them.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS292323.

Topics:
Money and consumer rights > Gambling Business > Industry rules
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Schedule 3: Provisions relating to TAB NZ, or

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4Provisions relating to performance and efficiency audit of TAB NZ Empowered by s 60(2)

1Performance and efficiency audit

  1. A performance and efficiency audit must be conducted, at least once every 5 years, in relation to how effectively and efficiently TAB NZ is performing its functions under section 58.

  2. While the audit must relate to TAB NZ’s performance on the particular day on which the audit is conducted and its prospective future performance, the person conducting the audit may have regard to TAB NZ’s performance during the 5 years before that day.

Compare
  • 2003 No 3 Schedule 2 cl 1

2Terms of reference

  1. At least 4 months before the day on which an audit is to be conducted, TAB NZ must consult the Minister and each recognised industry organisation regarding the terms of reference for the audit.

  2. For the purposes of subclause (1),—

  3. the Minister must provide written notice of the Minister’s views on the proposed terms of reference within 1 month after having been consulted by TAB NZ:
    1. a recognised industry organisation must provide written notice of its views on the proposed terms of reference within 1 month after having been consulted by TAB NZ, if the organisation wishes to do so.

      1. TAB NZ must determine the terms of reference but, before doing so, TAB NZ must obtain approval of the terms from the Minister and each racing code.

      2. However, subclauses (1), (2), and (3) require TAB NZ to consult and seek approval from a racing code only if there is no provision in any commercial agreement between TAB NZ and that racing code or all racing codes providing for consultation by TAB NZ with that racing code or all racing codes and setting out a process for the approval of terms of reference for the audit.

      3. If the Minister is not satisfied with any proposed terms of reference, the Minister may determine those terms by giving written notice to TAB NZ.

      Compare
      • 2003 No 3 Schedule 2 cl 2

      3Appointment of auditor

      1. A performance audit must be conducted by a person (not being a member, former member, or employee of TAB NZ) appointed at least 1 month before the date on which the audit is to be conducted.

      2. Before appointing a person under subclause (1), TAB NZ must consult, and obtain the approval of, the Minister in relation to the proposed appointment.

      3. If the Minister is not satisfied with the proposed appointment, the Minister may appoint a person to conduct the audit.

      Compare
      • 2003 No 3 Schedule 2 cl 3

      4Conduct of audit

      1. In determining TAB NZ’s performance and efficiency, the person appointed to conduct the audit must take into account—

      2. the extent to which TAB NZ has established objectives for the performance of its functions; and
        1. the nature of those objectives; and
          1. the progress TAB NZ is making towards the achievement of those objectives; and
            1. the extent to which TAB NZ has put in place policies and strategies to use its resources effectively and efficiently for the purpose of achieving those objectives; and
              1. the nature of those policies and strategies, and the manner in which they were put in place.

                Compare
                • 2003 No 3 Schedule 2 cl 4

                5Report of audit

                1. A person who conducts an audit must, after conducting it,—

                2. prepare a written report on the conclusions reached as a result of the audit; and
                  1. provide copies of the report to the Minister, TAB NZ, and the recognised industry organisations.

                    Compare
                    • 2003 No 3 Schedule 2 cl 5

                    6TAB NZ must pay reasonable costs of audit

                    1. TAB NZ must pay the reasonable costs of an audit to the person who conducted it.

                    2. The reasonable costs of an audit are,—

                    3. if TAB NZ appointed the person, the remuneration by way of fees and expenses agreed between TAB NZ and the person:
                      1. if the Minister appointed the person, the remuneration by way of fees and expenses agreed between the Minister and the person (after the Minister has consulted TAB NZ).

                        Compare
                        • 2003 No 3 Schedule 2 cl 6