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New auditor regulations in force

Craig Foss
1 May, 2012

A transitional auditor licensing 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 licensing 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 licensing and registration before the Act comes into force.

Under the new scheme, auditors carrying issuer audits must be licensed, 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.