Hon Paul Goldsmith
Government Bill
180—3C
As reported from the committee of the whole House
Bill note
Key
1 Title
2 Commencement
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Part 1Amendments to Financial Reporting Act 2013
26 Principal Act
27 Section 5 amended (Interpretation)
28 New section 9A inserted (Transitional, savings, and related provisions)
9A 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
36AA Power of Registrar of Companies to approve associations and auditors
36AB Approved associations and persons must report to Registrar
36A Institute, accredited bodies, and approved associations may recognise body corporate as eligible to act as auditor
36B Registrar of Companies may approve overseas countries and legal structures
36C Institute, accredited bodies, and approved associations must keep recognition under review
36D Body corporate must ensure that engagement director is qualified auditor
36E Recognised body corporate must not act if requirements no longer met
36F Offence relating to section 36D or 36E
36G Cancellation or suspension of recognition or approval
36H Effect of cancellation or suspension of accreditation or approval on recognition under section 36
36I Registrar of Companies may authorise person to continue to act in respect of audit despite cancellation or suspension under section 36H
36IA Notification of recognised and approved persons
36J Records of recognised persons
36JA Register of approved persons
36JB Search of register
36K Appeals in respect of recognition or approval matters
36L False declarations and representations
36M Exemption from membership requirement for certain members of religious societies or orders
36N Institute or other accredited body may recognise as qualified statutory accountants certain members of religious societies or orders
36O Requirements for arrangement
32 New sections 39A and 39B and cross-heading inserted
Offences concerning unqualified persons
39A Offence for unqualified auditor to act
39B Offence to hold out as qualified auditor or as approved person
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
Subpart 1A—Unqualified person must not hold out as qualified statutory accountant
53A Offence to hold out as qualified statutory accountant
39 New Schedule inserted
Part 2Amendments to other Acts
52 Amendments to other Acts
Schedule 1New Schedule inserted
Schedule 2Amendments to other Acts
Legislative history
The Parliament of New Zealand enacts as follows: