1 Title
2 Commencement
Part 1Preliminary and key provisions
Preliminary provisions
3 Purpose
4 Overview
5 FMA's functions under this Act
6 Interpretation
7 Act binds the Crown
Key provisions
8 Auditors in respect of issuer audits must be licensed
9 Audit firms engaged or appointed to act as auditor in respect of issuer audits must be registered
10 Partners who are responsible if issuer audit not carried out in accordance with requirements
Part 2Licences, registration, accreditation, and role of FMA
Subpart 1—Licences
Issue of licences by accredited bodies
11 Licences issued by accredited bodies
Issue of licences by FMA to overseas auditors
12 Licences issued by FMA to overseas auditors
13 Person that holds licence under section 12 must notify FMA of relevant changes
Licence details to be sent to Registrar
14 Accredited body or FMA must send licence details to Registrar
Conditions
15 Licence subject to conditions
16 FMA must have regard to limits on overseas auditors
Duration of licence
17 Duration of licence
Ongoing competence requirements
18 Ongoing competence requirements
19 Unsatisfactory results of competence programme
Cancellation and suspension of licences
20 Cancellation of licences
21 Suspension of licences
22 Procedure relating to exercise of cancellation or suspension powers
23 FMA may authorise person to continue to act in respect of issuer audit despite cancellation or suspension of licence
Appeals in respect of licensing and related matters
24 Appeals in respect of licensing and related matters
Subpart 2—Registration of audit firms
25 Accredited body may authorise registration of audit firms
26 FMA may authorise registration of overseas audit firms
27 Registration of audit firm
28 Registration subject to conditions
29 Cancellation of registration
30 Relevant body must give notice before exercising power
31 Appeals in respect of registration matters
Subpart 3—FMA may prescribe licensing, registration, and other matters
32 FMA may prescribe licensing, registration, and other matters
33 Minimum standards for licence
34 Minimum standards for registration of audit firm
35 Principles guiding prescribing of licensing, registration, and other matters
36 FMA must consult before publishing notices
37 Other provisions relating to notices under section 32
Subpart 4—Register of licensed auditors and registered audit firms
38 Register of licensed auditors and registered audit firms
39 Operation of and access to register
40 Purpose of register
41 Contents of register
42 Obligation to notify Registrar of prescribed changes
43 Annual confirmation by accredited bodies and FMA
44 Registrar must amend register in certain circumstances
45 Registrar may refuse to accept document
46 Search of register
47 Power of Registrar to delegate
Subpart 5—Accreditation
48 FMA may grant accreditation
49 Accreditation subject to conditions
50 New Zealand Institute of Chartered Accountants treated as having been granted accreditation
51 Accredited bodies must supply annual report to FMA
52 FMA must publish plan relating to auditor regulation and oversight
53 Publication of policies
54 FMA must monitor audit regulatory systems
55 FMA must report on audit regulatory systems of each accredited body
56 FMA may issue directions
57 Miscellaneous matters relating to directions
58 Offence to contravene directions
59 FMA may suspend or cancel accreditation or censure accredited body in certain circumstances
60 Miscellaneous matters relating to orders
61 Effect of cancellation or suspension on licences issued and registrations authorised by accredited body or former accredited body
62 FMA must give opportunity to make submissions
63 Appeals
64 Certain provisions of New Zealand Institute of Chartered Accountants Act 1996 apply to other accredited bodies
Subpart 6—Quality review
65 FMA must ensure that regular quality reviews are carried out
66 FMA may make arrangements for quality review to be carried out on its behalf
67 Restrictions on application of section 65
68 Quality review must include certain matters
69 Offence to hinder, obstruct, or delay FMA
70 FMA may issue directions
71 Consequences of failing to comply with directions
72 Miscellaneous matters relating to directions and orders
73 FMA must prepare annual report
74 FMA may prepare reports about particular quality reviews
Subpart 7—Investigations by FMA
75 FMA may start or take over investigation or investigate in conjunction with accredited body
76 Relationship between FMA's investigation and other investigations or proceedings
77 Accredited body must give reasonable assistance
78 Disciplinary powers of FMA
79 Miscellaneous matters relating to orders
Subpart 8—FMA may take over and perform regulatory functions
80 FMA may take over and perform regulatory functions
81 Powers of FMA when acting under this subpart
Part 3Amendments to other enactments, regulations, transitional provisions, and other miscellaneous matters
Subpart 1—Amendments to other enactments
82 Amendments to other Acts
83 Amendment to Securities Regulations 2009
Subpart 2—Regulations
84 Regulations
Subpart 3—Transitional provisions
85 Certain auditors treated as holding licence
86 Certain overseas auditors treated as holding licence
87 Certain audit firms treated as registered
88 Transitional provisions do not prevent exercise of powers
89 Requirements do not apply to accounting periods that have ended
Subpart 4—Miscellaneous provisions
90 Application of Act in respect of Auditor-General
91 FMA may act as accredited body
92 Power to amend or revoke
93 Protection from liability for accredited bodies and others
94 Sharing of information and documents with FMA
95 Notice and service of documents
96 False declarations and representations
ScheduleAmendments to other Acts relating to auditor regulation
Legislative history
The Parliament of New Zealand enacts as follows: