New Zealand Legislation: Regulations

21 Restriction on stating trust accounts have been audited

• (1) A practice must not state publicly or to any client that its trust accounts have been audited unless—

  • (a) the trust accounts have been audited during the immediately preceding period of 12 months by a qualified auditor; and

  • (b) a copy of the auditor’s report has been sent to the relevant society.

  (2) For the purposes of this regulation, qualified auditor means—

  • (a) a chartered accountant who holds a certificate of public practice (within the meaning of section 2 of the New Zealand Institute of Chartered Accountants Act 1996) and who is not disqualified under regulation 22 or 23; or

  • (b) a partnership more than half of whose partners are persons described in paragraph (a).

  Regulation 21(2)(a): amended, on 7 July 2010, by section 11 of the New Zealand Institute of Chartered Accountants Amendment Act 2010 (2010 No 74).