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Deposit Takers Act 2023

Crisis management and resolution - Conduct of resolution - Auditors

340: Appointment of auditors

You could also call this:

"The Bank picks a licensed auditor to check a deposit taker's finances when they're in trouble."

Illustration for Deposit Takers Act 2023

When a deposit taker is in trouble, the Bank must choose one or more people to be their auditor. You need to know that the person or people chosen must be licensed auditors, which means they meet the requirements set out in section 6(1) of the Auditor Regulation Act 2011. The Bank chooses them for a term of up to two years.

The person chosen as auditor keeps working until someone else takes their place. If someone is chosen as auditor, they can be chosen again. This means they are eligible to keep working as an auditor for the deposit taker.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS536615.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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341: Existing auditor ceases to hold office, or

"When a deposit taker has problems, its auditor stops the job but might work with them again later."

Part 7Crisis management and resolution
Conduct of resolution: Auditors

340Appointment of auditors

  1. The Bank must appoint 1 or more persons (whether as individuals or as the members of a firm) to be the auditor of a licensed deposit taker in resolution.

  2. The person or persons that are appointed must be licensed auditors (within the meaning of section 6(1) of the Auditor Regulation Act 2011).

  3. An appointment must be for a term of up to 2 years, but a person appointed as auditor continues in office until a successor comes into office.

  4. A person appointed as auditor is eligible for reappointment.

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