New Zealand Legislation: Regulations

22 Absolute disqualification as auditor

• (1) A chartered accountant is not qualified to audit the trust accounts of a practice if—

  • (a) the chartered accountant is, or at any time within the immediately preceding period of 12 months has been, a partner or an employee of the practice; or

  • (b) the chartered accountant is an employee of any other practice; or

  • (c) the chartered accountant is a practitioner in practice on his or her own account or in partnership, or a voting shareholder in an incorporated firm; or

  • (d) the chartered accountant (or any partner or employee of the chartered accountant) is, or at any time within the immediately preceding period of 12 months has been, engaged in keeping the books of the practice.

  (2) Nothing in subclause (1) prevents the completion for a practice by an auditor, or by a partner or an employee of an auditor, of—

  • (a) the closing entries at the end of a year or other period; or

  • (b) the preparation of the statement of financial position, statement of financial performance, or returns for taxation of the practice.