Auditor Regulation Act 2011

Reprint as at 1 July 2015

Coat of Arms of New Zealand

Auditor Regulation Act 2011

Public Act
 
2011 No 21
Date of assent
 
19 May 2011
Commencement
 
see section 2
Note

Changes authorised by subpart 2 of Part 2 of the Legislation Act 2012 have been made in this official reprint.

Note 4 at the end of this reprint provides a list of the amendments incorporated.

This Act is administered by the Ministry of Business, Innovation, and Employment.

Contents

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

The Parliament of New Zealand enacts as follows: