This note is not part of the regulations, but is intended to indicate their general effect.
These regulations, which come into force on 1 April 2014, amend the Real Estate Agents (Audit) Regulations 2009 (the principal regulations). The effect of the amendments is to align provisions of the principal regulations dealing with who may be appointed or act as the auditor of a real estate agency's trust accounts with the provisions of the Financial Reporting Act 2013 (the Act) relating to auditor qualifications. In particular, for a person to be appointed or act as the auditor of a real estate agency's trust accounts, under the regulations as amended, that person must meet the qualification requirements specified in the Act. The provisions of the regulations (as in force before 1 April 2014) that disqualify a person from acting as the auditor of an agency's trust accounts in specified situations where a conflict of interest exists continue to apply. Some of these situations are additional to those in which a person would be disqualified from being appointed or acting as an auditor under the Act's qualification provisions.
Date of notification in Gazette: 27 February 2014.
These regulations are administered by the Ministry of Justice.