Auditor Regulation Act 2011

Cancellation and suspension of licences

20 Cancellation of licences

(1)

A relevant authority may cancel a licence issued to a person—

(a)

if the person, by written notice, requests that the relevant authority do so; or

(b)

if the relevant authority is satisfied on reasonable grounds that—

(i)

the person has died; or

(ii)

the person obtained the licence by making a false or misleading representation or declaration (whether oral or written); or

(iii)

the person does not satisfy, or no longer satisfies, the prescribed minimum standards; or

(iv)

the person has failed to comply with a condition of the licence; or

(v)

the person has failed to comply with section 13, 85(3), or 86(3); or

(vi)

the person is otherwise not a fit and proper person to hold a licence; or

(c)

if the relevant authority is satisfied on reasonable grounds that 1 or more FMC audits carried out by the person are not being, or have not been, carried out—

(i)

in accordance with this Act or any other enactment that relates to the conduct of an FMC audit; or

(ii)

in accordance with auditing and assurance standards; or

(iii)

otherwise with reasonable care, diligence, and skill.

(2)

In this section and sections 21 and 22, relevant authority means,—

(a)

in the case of a licence issued under section 11, either or both of the following:

(i)

the accredited body that issued the licence:

(ii)

a disciplinary body in accordance with subsection (3); or

(b)

in the case of a licence issued under section 12, the FMA.

(3)

The rules of an accredited body may authorise a disciplinary body to act under this section or section 21 and provide for any other reasonable matters, not inconsistent with this Act, in respect of the exercise of that power to act.

(4)

A licence may also be—

(a)

treated as cancelled under section 61:

(b)

cancelled by the FMA under subpart 6 or 7.

Section 20(1)(c): amended, on 1 April 2014, by section 128(3) of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).

Section 20(1)(c)(i): amended, on 1 April 2014, by section 128(2) of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).