Financial Reporting Act 2013

If you need more information about this Act, please contact the administering agency: Ministry of Business, Innovation, and Employment

Appointment of partnership

Heading: inserted, on 1 July 2015, by section 8 of the Financial Reporting Amendment Act 2014 (2014 No 64).

37 Appointment of partnership

(1)

A partnership may be appointed by the firm name to be the auditor of a specified entity if,—

(a)

in the case of a specified entity that is an FMC reporting entity or a person to whom section 55 applies, the partnership is a registered audit firm:

(b)

in any other case, all or some of the partners are persons who are qualified to be appointed as auditors of the specified entity.

(2)

The appointment of a partnership by the firm name to be the auditor of a specified entity is deemed, despite section 36, to be the appointment of,—

(a)

in the case of a specified entity that is an FMC reporting entity or a person to whom section 55 applies, all the partners in the firm, from time to time, who are licensed auditors:

(b)

in any other case, all the partners in the firm from time to time.

(3)

If a partnership that includes persons who are not qualified to be appointed as auditors of a specified entity is appointed as auditor of a specified entity, the persons who are not qualified to be appointed as auditors must not act as auditors of the specified entity.