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Do you need to have your financial statements audited or reviewed?

The Registrar doesn't require financial statements to be audited or reviewed. The rules of a society will specify whether an auditor or reviewer must be appointed.

If the society is an issuer or FMC reporting entity then its financial statements must meet the requirements of the Financial Reporting Act 1993 (FRA 1993) and the Financial Markets Conduct Act 2013 (FMC Act) respectively. This includes an audit under section 16 of the FRA 1993 and section 461G of the FMC Act.

Visit the Companies Office website for further information on financial reporting obligations for issuers and FMC reporting entities.

Note | The Incorporated Societies Act 1908 doesn’t specify the qualifications needed by a society's auditor. It is however recommended good practice that the auditor is a suitably qualified person. A member of the New Zealand Institute of Chartered Accountants would meet this criteria.


Last updated 3 February 2017