Section 199 — Companies Act 1993: Qualifications of auditors

199 Qualifications of auditors (1) A person must not be appointed or act as an auditor of a company unless— (a) The person is a chartered accountant (within the meaning of section 19 of the Institute of Chartered Accountants of New Zealand Act 1996 ); or (b) [Repealed] (c) The person is a member, fellow, or associate of an association of accountants constituted outside New Zealand where— (i) The association is, by notice in the Gazette , approved for the time being for the purposes of this section by the Registrar; and (ii) The person is eligible to act as an auditor in the country, state, or territory in which the association is constituted; or (d) The person, not being a person to whom paragraph (c) of this subsection applies, is— (i) Eligible to act as an auditor in a country, state, or territory outside New Zealand; and (ii) Approved for the time being for the purposes of this section by the Registrar by notice in the Gazette . (2) None of the following persons may be appointed or act as auditor of a company: (a) A director or employee of the company: (b) A person who is a partner, or in the employment, of a director or employee of the company: (c) A liquidator or a person who is a receiver in respect of the property of the company: (d) A body corporate: (e) A person who, by virtue of paragraph (a) or paragraph (b) of this subsection, may not be appointed or act as auditor of a related company. Compare: 1955 No 63 s 165 The original subsection (1)(c) was substituted, as from 1 July 1994, by section 24 Companies Act 1993 Amendment Act 1994 (1994 No 6). The original subsection (1)(c) was further substituted, as from 1 October 1995, by section 10(3) Department of Justice (Restructuring) Act 1995 (1995 No 39). Subsection (1) was substituted, as from 16 September 1996, by section 4 Companies Act 1993 Amendment Act 1996 (1996 No 115). Subsection (1)(a) was substituted, as from 1 October 1996, by section 23 Institute of Chartered Accountants of New Zealand Act 1996 (1996 No 39). Subsection (1)(b) was repealed, as from 1 July 2001, by section 53 Public Audit Act 2001 (2001 No 10).