Te Ture Whenua Maori Act 1993
Maori Land Act 1993

277 Appointment and duties of auditor

• (1) The shareholders of a Maori incorporation (except the Maori incorporations referred to in subsection (1A)) shall, at each annual general meeting, appoint an auditor or auditors to hold office from the conclusion of that meeting until the conclusion of the next annual general meeting.

  (1A) This section does not apply to a Maori incorporation that had gross revenue of $25,000 or less for its most recently completed financial year, unless the shareholders of that Maori incorporation resolve by special resolution that the accounts of the Maori incorporation should be audited under this section.

  (2) At any annual general meeting a retiring auditor, however appointed, shall be reappointed without any resolution being passed unless—

  • (a) he or she is not qualified for reappointment; or

  • (b) a resolution has been passed at that meeting appointing somebody instead of him or her, or providing expressly that he or she shall not be reappointed; or

  • (c) he or she has given the incorporation notice in writing of his or her unwillingness to be reappointed.

  (3) Notwithstanding subsection (2), where notice is given of an intended resolution to appoint some person or persons in place of a retiring auditor, and by reason of the death, incapacity, or disqualification of that person or of all those persons, as the case may be, the resolution cannot be proceeded with, the retiring auditor shall not be automatically reappointed.

  (4) No person shall be appointed as auditor of a Maori incorporation unless that person is a chartered accountant (within the meaning of section 19 of the New Zealand Institute of Chartered Accountants Act 1996), or a member, fellow, or associate of an association of accountants constituted in some part of the Commonwealth outside New Zealand and, by notice in the Gazette, for the time being approved for the purpose of the audit of company accounts by the Minister of the Crown who, under the authority of any warrant or with the authority of the Prime Minister, is for the time being responsible for the administration of the Companies Act 1993.

  (5) The appointment of a partnership by the firm name to be the auditors of a Maori incorporation shall be deemed to be the appointment of all the persons who are partners in the firm at the time of the appointment.

  (6) The auditor shall make a report to the shareholders on the accounts examined by the auditor, and on every statement of financial position and every statement of financial performance submitted to the shareholders in a general meeting during the auditor’s tenure of office, and the report shall state—

  • (a) whether or not the auditor has obtained all the information and explanations that the auditor has required; and

  • (b) whether or not, in the auditor’s opinion, proper books of account have been kept by the incorporation so far as appears from the auditor’s examination of those books; and

  • (c) whether or not, in the auditor’s opinion, according to the best of the auditor’s information and the explanations given to the auditor, and as shown by the books of the incorporation,—

    • (i) the statement of financial position and any statement required by section 276(4)(c) are properly drawn up so as to give a true and fair view of the state of the incorporation’s affairs as at the end of its financial year; and

    • (ii) the statement of financial performance is properly drawn up so as to give a true and fair view of the results of the business of the incorporation for its financial year; and

  • (d) whether or not the share register and index of shareholders required by section 263 to be kept by the incorporation have been duly and correctly kept.

  (7) The auditor’s report shall be read before the general meeting of the shareholders and shall be open to inspection by any shareholder.

  (8) Every auditor of a Maori incorporation shall have a right of access at all times to the books and papers of the incorporation, and shall be entitled to require from the officers of the incorporation such information and explanation as the auditor thinks necessary for the performance of the duties of the auditor.

  (9) The auditor of a Maori incorporation shall be entitled to attend any general meeting of the shareholders, and to receive all notices of and other communications relating to any general meeting that any shareholder is entitled to receive, and to be heard at any general meeting that the auditor attends on any part of the business of the meeting that concerns him or her as an auditor.

  Compare: 1967 No 124 s 59

  Section 277(1): amended, on 1 July 2002, by section 40(1) of Te Ture Whenua Maori Amendment Act 2002 (2002 No 16).

  Section 277(1A): inserted, on 23 May 2008, by section 6 of Te Ture Whenua Maori Amendment Act 2008 (2008 No 35).

  Section 277(4): substituted, on 1 October 1995, by section 10(3) of the Department of Justice (Restructuring) Act 1995 (1995 No 39).

  Section 277(4): amended, on 7 July 2010, by section 10 of the New Zealand Institute of Chartered Accountants Amendment Act 2010 (2010 No 74).

  Section 277(4): amended, on 1 October 1996, by section 23 of the Institute of Chartered Accountants of New Zealand Act 1996 (1996 No 39).

  Section 277(6): amended, on 13 December 2006, by section 14 of Te Ture Whenua Maori Amendment Act 2006 (2006 No 76).

  Section 277(6): amended, on 1 October 1997, pursuant to section 6(1) of the Financial Reporting Amendment Act 1997 (1997 No 17).

  Section 277(6)(c)(i): amended, on 1 October 1997, pursuant to section 6(1) of the Financial Reporting Amendment Act 1997 (1997 No 17).

  Section 277(6)(c)(ii): amended, on 13 December 2006, by section 14 of Te Ture Whenua Maori Amendment Act 2006 (2006 No 76).