Companies Act 1993

199 Qualifications of auditors

  • (1) A person must not be appointed or act as an auditor of a company unless—

    • (a) the person is a chartered accountant (within the meaning of section 19 of the New Zealand Institute of Chartered Accountants Act 1996); or

    • (ab) the person is a licensed auditor; or

    • (b) [Repealed]

    • (c) the person is a member, fellow, or associate of an association of accountants constituted outside New Zealand where—

      • (i) the association is, by notice in the Gazette, approved for the time being for the purposes of this section by the Registrar; and

      • (ii) the person is eligible to act as an auditor in the country, State, or territory in which the association is constituted; or

    • (d) the person, not being a person to whom paragraph (c) applies, is—

      • (i) eligible to act as an auditor in a country, State, or territory outside New Zealand; and

      • (ii) approved for the time being for the purposes of this section by the Registrar by notice in the Gazette.

    (1A) However, if the company is an issuer, a person must not be appointed or act as an auditor of the company unless he or she is a licensed auditor.

    (2) None of the following persons may be appointed or act as auditor of a company:

    • (a) a director or employee of the company:

    • (b) a person who is a partner, or in the employment, of a director or employee of the company:

    • (c) a liquidator or a person who is a receiver in respect of the property of the company:

    • (d) a body corporate:

    • (e) a person who, by virtue of paragraph (a) or paragraph (b), may not be appointed or act as auditor of a related company.

    Compare: 1955 No 63 s 165

    Section 199(1): substituted, on 16 September 1996, by section 4(1) of the Companies Act 1993 Amendment Act 1996 (1996 No 115).

    Section 199(1)(a): substituted, on 1 October 1996, by section 23 of the Institute of Chartered Accountants of New Zealand Act 1996 (1996 No 39).

    Section 199(1)(a): amended, on 7 July 2010, by section 10 of the New Zealand Institute of Chartered Accountants Amendment Act 2010 (2010 No 74).

    Section 199(1)(ab): inserted, on 1 July 2012, by section 82 of the Auditor Regulation Act 2011 (2011 No 21).

    Section 199(1)(b): repealed, on 1 July 2001, by section 53 of the Public Audit Act 2001 (2001 No 10).

    Section 199(1A): inserted, on 1 July 2012, by section 82 of the Auditor Regulation Act 2011 (2011 No 21).