Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698841691082.pdf (New Zealand)
Reprint as at 1 July 2014 Auditor Regulations 2012 (SR 2012/75) Jerry Mateparae, Governor-General Order in Council At Wellington this 23rd day of April 2012 Present: His Excellency the Governor-General in Council Pursuant to section 84 of the Auditor Regulation Act 2011, His Ex- cellency the Governor-General, acting on the advice and with the consent of the Executive Council, makes the following regulations.
Contents Title Commencement Interpretation Overseas auditors Relevant changes that overseas auditors must notify to FMA Page 2 2 2 3 3 Note Changes authorised by subpart 2 of Part 2 of the Legislation Act 2012 have been made in this official reprint.

Note 4 at the end of this reprint provides a list of the amendments incorporated.

These regulations are administered by the Ministry of Business, Innovation, and Employment.
1 r 1 Auditor Regulations 2012 Reprinted as at 1 July 2014 3 4 4 5 5 6 6 6 7 7 7 8 8 8 9 Reasons for refusing access to, or suspending operation of, register Contents of register Prescribed changes that accredited bodies and FMA must notify to Registrar Prescribed requirements for documents received by Registrar Conditions of accreditation Contents of annual report of accredited bodies Fees Payment of fees Fees inclusive of GST FMA may recover costs incurred Transitional provisions [Revoked] Certain auditors treated as holding licence [Revoked] Certain overseas auditors treated as holding licence [Revoked] Certain audit firms treated as registered [Revoked] Revocation of transitional provisions [Revoked] Schedule Fees Regulations Title These regulations are the Auditor Regulations 2012.
Commencement These regulations come into force on 1 May 2012.

3 (1) Interpretation In these regulations, unless the context otherwise requires, Act means the Auditor Regulation Act 2011.

(2) Any term that is defined in the Act and used, but not defined, in these regulations has the same meaning as in the Act.
2 Reprinted as at 1 July 2014 Auditor Regulations 2012 r 6 4 5 6 Overseas auditors The following countries, states, and territories are prescribed for the purposes of the definition of overseas auditor in section 6(1) of the Act: Australia: (a) any country, state, or territory in the European Union: (b) Hong Kong Special Administrative Region of the (c) People’s Republic of China: Singapore: the United States of America.
(d) (e) Relevant changes that overseas auditors must notify to FMA In addition to the relevant changes specified in section 13(2)(a) of the Act, every person who holds a licence under section 12 of the Act must give written notice to the FMA under section 13(1) of the Act of a change in any of the following: (a) the full name or business address of the overseas auditor (including email address and Internet site address, if any): (b) whether the overseas auditor is a partner or employee (c) (d) of an audit firm: if the overseas auditor is a partner or employee of an audit firm, the name of the firm: any limitations on the overseas auditor’s ability to act in respect of an audit that are imposed by or in relation to any certificate, registration, licence, or other authorisa- tion that entitles the overseas auditor to act as an auditor in the person’s home jurisdiction (as defined in section 12(2) of the Act).
Reasons for refusing access to, or suspending operation of, register In addition to the reason given in section 39(3)(a) of the Act, the Registrar may refuse access to the register or otherwise suspend the operation of the register, in whole or in part,— to enable the maintenance of the register; or (a) in response to technical difficulties in the maintenance (b) or operation of the register; or 3 Auditor Regulations 2012 Reprinted as at 1 July 2014 (c) to ensure the security or integrity of the register.
Contents of register In addition to the information specified in section 41(1)(a) to (h) of the Act, the register must contain the following infor- mation about each licensed auditor: (a) the licensed auditor’s business email address and Inter- net site address, if any: the country, state, or territory in which the licensed audi- tor is ordinarily resident and entitled to act as an auditor: whether the licensed auditor is a partner or employee of an audit firm and, if so, the name of that audit firm.
(b) (c) In addition to the information specified in section 41(2)(a) to (e) of the Act, the register must contain the following informa- tion about each registered audit firm: (a) the firm’s business email address and Internet site ad- dress: the country, state, or territory in which the firm has its head office or principal place of business.
(b) Prescribed changes that accredited bodies and FMA must notify to Registrar Every accredited body and the FMA must notify the Registrar, in accordance with section 42 of the Act, of a change in any of the following: (a) in respect of a licensed auditor whose licence was issued by the accredited body or the FMA (as the case may be),— (i) the full name or business address of the licensed auditor (including email address and Internet site address, if any): (ii) whether the licensed auditor is a partner or em- (iii) (iv) ployee of an audit firm: if the licensed auditor is a partner or employee of an audit firm, the name of the firm: the kinds of issuer audits in respect of which the licensed auditor is authorised to act under each licence: r 7 7 (1) (2) 8 4 Reprinted as at 1 July 2014 Auditor Regulations 2012 r 10 (v) (vi) the conditions placed on each licence that is cur- rently in force: any suspension or cancellation of a licence that has been issued to the licensed auditor or any other action that has been taken on a disciplinary matter against the licensed auditor under the Act by an accredited body, a disciplinary body, or the FMA; and (b) in respect of a registered audit firm whose registration was authorised by the accredited body or the FMA (as the case may be),— (i) the full name or business address of the firm (in- cluding email address and Internet site address): the conditions placed on the registration that are currently in force.
(ii) 9 (1) (2) 10 Prescribed requirements for documents received by Registrar This regulation applies if the register is kept as an electronic register on an Internet site maintained by or on behalf of the Registrar.

In addition to the basis for refusal that is specified in section 45(a) of the Act, the Registrar may refuse to accept a docu- ment received by the Registrar under the Act if the document is not submitted electronically via the Internet site on which the register is kept.
Conditions of accreditation In addition to the conditions specified in section 49(2)(a) and (b) of the Act, a person may be accredited as an accredited body subject to— (a) conditions relating to the accredited body’s ongoing compliance with any minimum standards for accredit- ation prescribed by the FMA under section 32(1)(e) of the Act: conditions relating to the resources, financial position, and financial stability of the accredited body: (b) 5 r 11 Auditor Regulations 2012 Reprinted as at 1 July 2014 (c) conditions to ensure that the accredited body’s govern- ance and organisational structure is adequate and effect- ive.
11 Contents of annual report of accredited bodies In addition to the information specified in section 51(2)(b)(i) and (ii) of the Act, the annual report of an accredited body must contain— (a) the most recent audited financial statements of the ac- credited body; and an assessment by the accredited body of— (i) the extent to which its audit regulatory systems are adequate and effective; and (ii) whether it has allocated sufficient resources to ensure that its audit regulatory systems are, and will continue to be, adequate and effective; and information relating to any material changes to the ac- credited body’s governance and organisational struc- ture.
(b) (c) 12 Fees The fees set out in the table in Part 1 of the Schedule are payable for the matters to which they relate.

Payment of fees 13 (1) A fee identified as an assessment fee in column 2 of a row of the table in Part 1 of the Schedule— (a) (b) (c) is payable by the person specified in column 3 of that row; and is payable to the person specified in column 4 of that row; and is payable on an invoice issued by or on behalf of the FMA and within the time frame specified in that in- voice.
(2) Any other fee identified in column 2 of a row of the table in Part 1 of the Schedule— (a) is payable by the person specified in column 3 of that row; and 6 Reprinted as at 1 July 2014 Auditor Regulations 2012 r 16 (b) is payable to the person specified in column 4 of that row; and (c) must accompany the application or annual confirmation (as the case may be) specified in column 1 of that row.

Fees inclusive of GST The fees prescribed by these regulations are inclusive of goods and services tax.
(c) (d) FMA may recover costs incurred This regulation applies to a person identified in column 3 of the table in Part 1 of the Schedule as liable to pay an assessment fee in respect of any of the following matters: (a) (b) an application for a licence under section 12 of the Act: an application for the FMA to authorise the Registrar to register an overseas audit firm under section 26 of the Act: an annual confirmation by the FMA to the Registrar under section 43 of the Act: an application for accreditation under section 48 of the Act: a quality review under section 65 of the Act.
(e) The FMA may recover from the person the costs incurred by the FMA in obtaining external advice or assistance in assess- ing the matter.

Costs recovered under subclause (2) are in addition to the as- sessment fee for the matter.

In this regulation, assessment fee means a fee identified as an assessment fee in column 2 of the table in Part 1 of the Schedule.

14 15 (1) (2) (3) (4) Transitional provisions [Revoked] Heading: revoked, on 1 July 2014, by regulation 19.
16 Certain auditors treated as holding licence [Revoked] Regulation 16: revoked, on 1 July 2014, by regulation 19.

7 Auditor Regulations 2012 Reprinted as at 1 July 2014 Certain overseas auditors treated as holding licence [Revoked] Regulation 17: revoked, on 1 July 2014, by regulation 19.

Certain audit firms treated as registered [Revoked] Regulation 18: revoked, on 1 July 2014, by regulation 19.
Revocation of transitional provisions [Revoked] Regulation 19: revoked, on 1 July 2014, by regulation 19. r 17 17 18 19 8 Schedule Fees Part 1 Schedule of fees r 12 1 J u l y 2 0 1 4 R e p r i n t e d a s a t Column 1 Matter in respect of which fees payable Column 2 Column 3 Fee Person liable for fee Column 4 Who fee payable to Column 5 Amount ($) Application for licence under section 11 of Act Application for licence under section 12 of Act Registration fee Applicant Accredited body 350 Fee for application Applicant Registration fee Assessment fee Applicant Applicant FMA FMA FMA 115 350 On hourly basis specified in Part 2 Application for accredited body to authorise Registrar to register audit firm under section 25 of Act Registration fee Applicant Accredited body 350 Part 1—continued Column 1 Matter in respect of which fees payable Column 2 Column 3 Fee Person liable for fee Column 4 Who fee payable to Column 5 Amount ($) Application for FMA to author- ise Registrar to register overseas audit firm under section 26 of Act Fee for application Applicant Registration fee Assessment fee Applicant Applicant FMA FMA FMA 115 350 On hourly basis specified in Part 2 Annual confirmation to Registrar under section 43 of Act Annual confirmation fee Assessment fee Person making annual con- firmation (accredited body or FMA) Person whose licence or registration information is confirmed by FMA in an- nual confirmation Registrar 110 for each licence and
 registration confirmed FMA 110 Application under section 48 of Act for accreditation Fee for application Applicant Assessment fee Applicant FMA FMA 115 On hourly basis specified in Part Part 1—continued Column 1 Matter in respect of which fees payable Column 2 Column 3 Fee Person liable for fee Column 4 Who fee payable to Column 5 Amount ($) Quality review under section 65 of Act Assessment fee Audit firm or
 licensed audi- tor subject to quality review FMA On hourly basis specified in Part 2 Part 2 Amounts calculated on hourly basis Where Part 1 specifies an amount on an hourly basis, that amount must be calculated as follows for each hour spent on assessing the matter concerned: (a) (b) $230 for each hour of work on the matter by a member of the FMA; and $178.25 for each hour of work on the matter by an employee of the FMA who— (i) (ii) is qualified in accountancy, auditing, business, commerce, economics, or law; or the FMA is satisfied has a professional level of skills, training, or experience in matters of the kind to which the application relates.
Schedule Part 2 paragraph (b): replaced, on 1 April 2014, by regulation 4 of the Financial Markets Conduct (Changes to Financial Markets Authority Fees) Regulations 2014 (LI 2014/111).

 Auditor Regulations 2012 Reprinted as at 1 July 2014 Rebecca Kitteridge, Clerk of the Executive Council.

Issued under the authority of the Legislation Act 2012.

Date of notification in Gazette: 26 April 2012.


12 Reprinted as at 1 July 2014 Auditor Regulations 2012 Notes Reprints notes 1 2 3 General This is a reprint of the Auditor Regulations 2012 that incorp- orates all the amendments to those regulations as at the date of the last amendment to them.

Legal status Reprints are presumed to correctly state, as at the date of the reprint, the law enacted by the principal enactment and by any amendments to that enactment.
Section 18 of the Legislation Act 2012 provides that this reprint, published in electronic form, has the status of an official version under section 17 of that Act.

A printed version of the reprint produced directly from this official electronic version also has official status.

Editorial and format changes Editorial and format changes to reprints are made using the powers under sections 24 to 26 of the Legislation Act 2012.

See also http://www.pco.parliament.govt.nz/editorial-conven- tions/.
4 Amendments incorporated in this reprint Financial Markets Conduct (Changes to Financial Markets Authority Fees) Regulations 2014 (LI 2014/111): Part 1 Auditor Regulations 2012 (SR 2012/75): regulation 19 12 Wellington, New Zealand: Published under the authority of the New Zealand Government—2014 13