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Auditor Regulation and External Reporting Bill (Consistent) [2010] NZBORARp 49 (9 August 2010)

Last Updated: 5 May 2020

9 August 2010

ATTORNEY-GENERAL


LEGAL ADVICE

CONSISTENCY WITH THE NEW ZEALAND BILL OF RIGHTS ACT 1990: AUDITOR REGULATION AND EXTERNAL REPORTING BILL

1. We have considered whether the Auditor Regulation and External Reporting Bill (PCO

14211/7.0) (‘the Bill’) is consistent with the New Zealand Bill of Rights Act 1990 (‘the Bill of Rights Act’). We understand that the Bill is likely to be considered by the Cabinet Economic Growth and Infrastructure Committee at its meeting on Wednesday, 18

August 2010.

2. The purpose of the Bill is to strengthen the regulation of practitioners who carry out audits in respect of issuers and to establish an independent oversight system in order to:

• maintain and promote, in respect of issuer audits, quality, expertise, and integrity in the profession of auditors, and

• promote the recognition of the professional status of New Zealand auditors in overseas jurisdictions.

3. The Bill reconstitutes the Accounting Standards Review Board as the External Reporting Board. It consolidates financial reporting and auditing and assurance standard-setting within the Board.

4. We have concluded that the Bill appears to be consistent with the rights and freedoms affirmed in the Bill of Rights Act. This advice has been prepared by the Public Law Group and the Office of Legal Counsel.

Jeff Orr

Chief Legal Counsel

Office of Legal Counsel

In addition to the general disclaimer for all documents on this website, please note the following: This advice was prepared to assist the Attorney-General to determine whether a report should be made to Parliament under s 7 of the New Zealand Bill of Rights Act 1990 in relation to the Biofuel Bill. It should not be used or acted upon for any other purpose. The advice does no more than assess whether the Bill complies with the minimum guarantees contained in the New Zealand Bill of Rights Act. The release of this advice should not be taken to indicate that the Attorney-General agrees with all aspects of it, nor

does its release constitute a general waiver of legal professional privilege in respect of this or any other matter. Whilst care has been taken to ensure that this document is an accurate reproduction of the advice provided to the Attorney-General, neither the Ministry of Justice nor the Crown Law Office accepts any liability for any errors or omissions.


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