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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:

"What happens to the auditor when a deposit taker gets into trouble"

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 under section 340. This is what happens when a licensed deposit taker enters resolution and you are the auditor at that time.

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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.

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

"The Bank chooses a licensed auditor to check a deposit taker's finances."

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342: Bank may remove auditor from office, or

"The bank can fire an auditor if they do a bad job or behave badly."

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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