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Deposit Takers Act 2023

Crisis management and resolution - Conduct of resolution - Auditors

341: Existing auditor ceases to hold office

You could also call this:

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

Illustration for Deposit Takers Act 2023

If you are an auditor for a licensed deposit taker that enters resolution, you stop being the auditor. You can still be appointed again under section 340. This means you might get to keep working with the deposit taker, but in a different way.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS536644.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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340: Appointment of auditors, or

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

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342: Bank may remove auditor from office, or

"The Bank can fire an auditor if they have a good reason and follow the rules."

Part 7Crisis management and resolution
Conduct of resolution: Auditors

341Existing auditor ceases to hold office

  1. A person holding office as auditor of a licensed deposit taker at the time that it enters resolution ceases to hold that office but may be appointed under section 340.

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