NEW ZEALAND GAZETTE, No. 44

19 APRIL 2012

overseas issuer means a company which:

(a) is incorporated in an approved overseas jurisdiction; and

(b) has issued securities to the public in its place of incorporation pursuant to a regulated offer of securities; and

(c) is subject to financial reporting requirements in its place of incorporation which are comparable to those required of an issuer under the Financial Reporting Act 1993; and

(d) is not an issuer for the purposes of the Financial Reporting Act 1993.

PCAOB means the Public Company Accounting Oversight Board of the United States of America.

PES1 means Professional and Ethical Standard 1 – Ethical Standards for Assurance Providers issued under the Financial Reporting Act 1993.

PES2 means Professional and Ethical Standard 2 – Independence in Assurance Engagements issued under the Financial Reporting Act 1993.

PES3 means Professional and Ethical Standard 3 – Quality Control issued under the Financial Reporting Act 1993.

RCA means an auditor who is a registered company auditor in Australia.

relevant authority means the accredited body or FMA, as the case may be, that received the application, issued the auditor licence or authorised the registration of the audit firm.

relevant rules and codes means the rules and codes specified by the relevant authority, and may include:

(a) the rules and any codes of ethics or codes of conduct of an approved professional accounting body; and

(b) any laws or rules the licensed auditor is required to comply with as a result of conducting audits in another jurisdiction.

responsible individual means a person designated as such in accordance with United Kingdom audit regulations.

similar audit engagement means an audit or review of the financial statements of an entity:

(a) which is of a comparable level of complexity to an issuer audit; and

(b) which is of a type of audit engagement that could satisfy the definition of issuer audits in the Act if the entity was an issuer; and

(c) where the entity:

(i) prepares full NZ IFRS accounts; or

(ii) is a large company which prepares accounts under the differential reporting framework (or any future reduced disclosure regime); or

(iii) is an overseas company which prepares accounts under full IFRS or an acceptable local equivalent (without any concessions in respect of measurement or disclosures); or

(iv) is an overseas company which prepares accounts under a reduced disclosure regime approved by FMA and meets any threshold requirements FMA sets for companies relying on that reduced disclosure regime; or

(d) where the entity is an overseas issuer.

specified reports and notifications means any document or information the relevant authority specifies must be provided, whether at specified intervals or as a result of a specified event, and may include:

(a) notifications of changes to specified information held by the relevant authority; and

(b) notification of breaches of specified obligations the licensed auditor must comply with; and

(c) periodic reports on engagements undertaken or training completed; and

(d) notifications where the licensed auditor resigns from or declines to undertake an issuer audit engagement.

structured training includes attending or presenting at seminars, training courses or conferences, and work towards formal qualifications or published research works.

transitional licence means a licence held by a person under section 85 or section 86 of the Act.

United Kingdom professional accounting body means The Institute of Chartered Accountants of England and Wales, The Chartered Institute of Certified Accountants and The Institute of Chartered Accountants of Scotland.

(2) Unless the context otherwise requires, use of the definite article in respect of the terms "accredited body" or "relevant authority" refers to the organisation to which the particular application has been made or by which the licence was issued or registration was approved, as the case may be.

(3) Any term or expression that is defined in the Act and used, but not defined, in this notice has the same meaning as in the Act.

3. Prescribed minimum standards for licensed auditors—(1) A natural person who applies to an accredited body to be issued with a licence under section 11 of the Act must meet the following minimum standards prescribed under section 32(1)(a) of the Act:

Academic Qualification

(a) The person has:

(i) successfully completed an approved course; or

(ii) attained knowledge and expertise equivalent to that expected of a person who has completed an approved course, as assessed to the satisfaction of an accredited body.

Membership of an Accredited Body

(b) Where NZICA issues a licence, the person has attained membership of NZICA as a chartered accountant.

(c) Where another accredited body issues a licence, the person has attained membership of that other accredited body of equivalent status to chartered accountant status with NZICA.

Practising Certificate

(d) The person holds an approved practising certificate issued by the accredited body.