Who needs to complyAuditor Licensing Frequently Asked Questions (2)
From 1 July 2012 all individuals who undertake issuer audits must hold an audit licence.
In addition, audit firms who undertake issuer audits must be registered, and must ensure that for each issuer audit:
- the engagement partner holds a licence; and
- an individual who carries out the quality control review of key decisions and judgements also holds a licence (as required by clause 8(f) of the Prescribed Minimum Standards).
An “issuer audit” is a defined term in the Auditor Regulation Act 2011 (the Act) and means the audit of:
- the financial statements of an issuer as defined in section 4 of the Financial Reporting Act 1993. If the issuer is required to complete group financial statements then the definition also includes the audit of the group financial statements;
- the financial statements of a scheme, a fund, or a retirement village referred to in section 9A of the Financial Reporting Act 1993; and
- any audit or review required to be carried out under the Securities Act 1978, or regulations or exemptions granted under that Act.
This would include most entities that raise money from the public including banks, insurers, finance companies, superannuation funds, retirement villages, forestry partnerships and irrigation schemes.
Find out more about auditor licensing.
Find out more about audit firm registration.
Auditor Licensing Frequently Asked Questions
Recognition as a licensed auditor and as a registered audit firm will initially be through the Act’s transitional provisions.
From 1 July 2012 NZICA can commence issuing auditor licences.
NZICA has now commenced the audit firm registration process.