Accounting Infrastructure Reform Bill

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Hon Craig Foss

Accounting Infrastructure Reform Bill

Government Bill


As reported from the Commerce Committee




1 Title

2 Commencement

Part 1
Amendments to Acts

Subpart 1Amendments to Auditor Regulation Act 2011

3 Principal Act

4 Section 6 amended (Interpretation)

5 Section 9 amended (Audit firms engaged or appointed to act as auditor in respect of FMC audits must be registered)

6 Section 10 amended (Partners who are responsible if FMC audit not carried out in accordance with requirements)

7 Section 25 amended (Accredited body may authorise registration of audit firms)

8 Section 26 amended (FMA may authorise registration of overseas audit firms)

9 Section 29 amended (Cancellation of registration)

10 Section 30 amended (Relevant body must give notice before exercising power)

11 Section 34 amended (Minimum standards for registration of audit firm)

12 Section 40 amended (Purpose of register)

13 Section 41 amended (Contents of register)

14 Section 61 amended (Effect of cancellation or suspension on licences issued and registrations authorised by accredited body or former accredited body)

15 Section 63 amended (Appeals)

16 Section 71 amended (Consequences of failing to comply with directions)

17 Section 75 amended (FMA may start or take over investigation or investigate in conjunction with accredited body)

18 Section 77 amended (Accredited body must give reasonable assistance)

19 Section 78 amended (Disciplinary powers of FMA)

20 Section 79 amended (Miscellaneous matters relating to orders)

21 Section 80 amended (FMA may take over and perform regulatory functions)

22 Section 84 amended (Regulations)

Subpart 2Amendments to Charities Act 2005

23 Principal Act

23A New section 6A inserted (Transitional, savings, and related provisions)

24 New sections 42C to 42F inserted

25 Section 46 amended (Board or chief executive may treat parent entity and 1 or more other entities as forming part of single entity on certain terms and conditions)

25A New Schedule inserted

Subpart 3Amendments to Financial Reporting Act 2013

26 Principal Act

27 Section 5 amended (Interpretation)

28 New section 9A inserted (Transitional, savings, and related provisions)

29 Section 34 amended (Purpose and application)

30 Section 36 amended (Qualifications of auditor)

31 New sections 36AA to 36O and cross-heading inserted

32 New sections 39A and 39B and cross-heading inserted

32A Section 45 amended (Meaning of large)

33 Section 48 amended (Minister must regularly review amounts to take into account inflation)

34 Section 49 amended (Order may amend amounts)

35 Section 50 amended (Regulations)

36 Section 51 amended (Levies)

37 New subpart 1A of Part 3 inserted

38 New section 62 inserted (Application, savings, and transitional provisions relating to amendments to Act)

39 New Schedule inserted

Subpart 4Amendments to New Zealand Institute of Chartered Accountants Act 1996

40 Principal Act

41 Section 2 amended (Interpretation)

41A New section 2A inserted (Transitional, savings, and related provisions)

42 Section 5 amended (Functions of Institute)

43 New sections 5A to 5C inserted

44 Section 6 amended (Rules of Institute)

45 Section 7 amended (Code of ethics)

46 New section 7A inserted (Membership rules may require membership of specified association)

47 Section 8 amended (Application of Part 3 of Legislation Act 2012 to certain rules and code of ethics)

48 New sections 8A and 8B and cross-heading inserted

49 Section 15 repealed (Accountants and auditors must be qualified)

50 Sections 21 to 24 and Schedules 3 to 5 repealed

50A New Schedule inserted

51 Schedule 1 amended

Part 2
Amendments to other Acts

52 Amendments to other Acts

Schedule 1AA
New Schedule 1AA inserted

Schedule 1
New Schedule inserted

Schedule 1A
New Schedule inserted

Schedule 2
Amendments to other Acts

Legislative history

The Parliament of New Zealand enacts as follows: