About the Auditors register

​How and why auditors are licensed and registered

The Auditor Regulation Act 2011 established a regulatory regime for auditors of FMC reporting entities. All auditors who carry out FMC audits are required to be licensed under the Auditor Regulation Act 2011 (the Act), and all audit firms engaged or appointed to act as auditor in respect of FMC audits must be registered and have at least one engagement partner or director that is licensed.

Auditor Regulation Act 2011 New Zealand Legislation

FMC audits

An FMC audit is defined in section 6(1) of the Auditor Regulation Act 2011 and means the audit of:

  • The financial statements or group financial statements of an FMC reporting entity that are prepared under the Financial Markets Conduct Act 2013 (FMC Act); or
  • The financial statements of a scheme or a fund prepared under section 461A of the FMC Act; or
  • The financial statements referred to in section 461B of the FMC Act; and
  • Includes any audit or review required to be carried out under the regulations made, or exemptions granted, under the FMC Act or the Securities Act 1978 by a qualified auditor (within the meaning of either of those Acts); and
  • Includes any audit of the financial statements or group financial statements prepared under the Financial Reporting Act 1993 in accordance with section 55 of the Financial Reporting Act 2013; and
  • Includes any issuer audit (as defined in the Auditor Regulation Act 2011 before 1 April 2014); but
  • Does not include any audit carried out under the Public Audit Act 2001 (whether the Auditor-General or any other person is acting as the auditor).

Financial Markets Conduct Act 2013

Financial Reporting Act 2013 — Section 55

Kinds of FMC audits

The New Zealand Institute of Chartered Accountants has imposed conditions on the kinds of FMC audits are:

  • the person is authorised to act in respect of all kinds of FMC audits — All kinds; or
  • the person is authorised to act in respect of an FMC reporting entity that has a designated number of shareholders — Limited Shareholders; or
  • the person is authorised to act in respect of an FMC reporting entity that has raised a designated amount of capital — Limited Capital; or
  • the person is authorised to act in respect of an FMC reporting entity of a particular industry type — Limited Industry; or
  • the person is authorised to act in respect of specific FMC entities or types of FMC entities — Limited Entity.

Non-issuer statutory audits

If you are an overseas auditor and want to perform non-issuer statutory audits on NZ entities, that is non-FMC audits, see the Register of Approved Overseas Auditors and Associations of Accountants for information on approval.

If you are an overseas association of accountants who require your members to be qualified to perform non-issuer statutory audits in New Zealand please see the Register of Approved Overseas Auditors and Associations of Accountants for information on approval.

Register of Approved Overseas Auditors and Associations of Accountants