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New Auditor Regulations in Force
Hon Craig Foss
Minister of Commerce
1 May 2012
Media Statement
New Auditor Regulations in Force
A transitional auditor
licencing scheme was welcomed by Commerce Minister Craig
Foss when it came into force today.
“Trustworthy
and transparent auditing is essential to creating a culture
that encourages Kiwis to invest,” says Mr
Foss.
The Auditor Regulation Act establishes a new
licencing regime for major audits, such as the audits of
issuers, banks and insurers”
The Act comes into
force on 1 July 2012.
Today marks the start of a
two month transition period for auditors to apply for
licencing and registration before the Act comes into
force.
Under the new scheme, auditors carrying
issuer audits must be licenced, and firms carrying out
issuer audits must be
registered.
“Self-regulation alone has not been
working. These new regulations provide independent oversight
and strengthen investor protection,” says Mr
Foss.
For more information visit www.fma.govt.nz/help-me-comply/auditors/how-to-get-licensed/
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