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Deposit Takers Act 2023

Depositor compensation scheme - Accountability

252: Statement of responsibility

You could also call this:

"People in charge promise the financial statements are correct and truthful"

Illustration for Deposit Takers Act 2023

When you look at the financial statements for the fund, you will see a statement of responsibility. This statement is about the people who signed the financial statements taking responsibility for them. They are saying they are responsible for making sure the financial statements are correct.

The statement of responsibility must say that the signatories are responsible for the financial statements and the decisions made in them. It must also say they are responsible for making sure the financial reporting is honest and reliable. The signatories must say they believe the financial statements show the true financial position and operations of the fund.

The statement of responsibility must be dated and signed by two members of the Bank's board on behalf of the board. You can trust that the people who signed the statement are taking responsibility for the financial statements. This is an important part of making sure the financial statements are accurate and trustworthy.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS505008.

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251: Financial statements of fund, or

"The Bank must prepare easy-to-understand financial reports each year to show how the fund's money is being used."

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"The Auditor-General checks the fund's money to ensure it's used correctly."

Part 6Depositor compensation scheme
Accountability

252Statement of responsibility

  1. The financial statements in relation to the fund must contain, or be accompanied by, a statement of responsibility.

  2. The statement must—

  3. contain a statement of the signatories’ responsibility for the preparation of the financial statements and for the judgments in them; and
    1. contain a statement of the signatories’ responsibility for establishing and maintaining a system of internal control designed to provide reasonable assurance as to the integrity and reliability of financial reporting in relation to the fund; and
      1. contain a statement that, in the opinion of the signatories, the financial statements for the financial year fairly reflect the financial position and operations of the fund; and
        1. be dated and signed on behalf of the board of the Bank by 2 members.