Act Repealed Latest version as at 29 April 1993 (as enacted) | 1993 No 21

New Zealand Society of Accountants Amendment Act 1993

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Contents

Short Title

Removal of restriction on improper use of certain terms implying membership of Society

Accountant or auditor to be suitably qualified

Closing off of claims against fund

New Zealand Society of Accountants Amendment Act 1993

Public Act		1993 No 21
Date of assent		29 April 1993

	Title
1	Short Title
2	Removal of restriction on improper use of certain terms implying membership of Society
3	Accountant or auditor to be suitably qualified
4	Closing off of claims against fund
	Administrative information

An Act to amend the New Zealand Society of Accountants Act 1958

BE IT ENACTED by the Parliament of New Zealand as follows:

1 Short Title

This Act may be cited as the New Zealand Society of Accountants Amendment Act 1993, and shall be read together with and deemed part of the New Zealand Society of Accountants Act 1958 (hereinafter referred to as the principal Act).

2 Removal of restriction on improper use of certain terms implying membership of Society

(1)

Section 32(1) of the principal Act (as amended by section 10(1)(c) of the New Zealand Society of Accountants Amendment Act 1968) is hereby amended by omitting from paragraph (b) the words “or a cost and management accountant”.

(2)

Section 32(1a) of the principal Act (as inserted by section 10(2) of the New Zealand Society of Accountants Amendment Act 1968) is hereby amended—

(a)

By omitting the words “public accountant or a”; and

(b)

By omitting the words “the practice of accountancy”, and substituting the words “membership of the New Zealand Society of Accountants”.

(3)

Section 32(2) of the principal Act (as amended by section 10(3) of the New Zealand Society of Accountants Amendment Act 1968) is hereby amended—

(a)

By omitting the expressions “‘c.m.a.’, ‘f.p.a.n.z.’, ‘f.r.a.n.z.’, ‘a.p.a.n.z.’, and ‘a.r.a.n.z.’”; and

(b)

By omitting the words “‘public accountant’ or”; and

(c)

By omitting the words “the practice of accountancy”, and substituting the words “membership of the New Zealand Society of Accountants”.

(4)

Section 32 of the principal Act is hereby amended by repealing subsection (2a)(as inserted by section 27 of the New Zealand Society of Accountants Amendment Act 1963 and amended by section 10(4) of the New Zealand Society of Accountants Amendment Act 1968).

(5)

Section 32(3) of the principal Act (as amended by section 10(5) of the New Zealand Society of Accountants Amendment Act 1968) is hereby amended by omitting the words “or a cost and management accountant”.

(6)

The following enactments are hereby consequentially repealed:

(a)

Section 27 of the New Zealand Society of Accountants Amendment Act 1963:

(b)

Section 10(4) of the New Zealand Society of Accountants Amendment Act 1968.

3 Accountant or auditor to be suitably qualified

The principal Act is hereby amended by inserting, after section 34a (as inserted by section 2 of the New Zealand Society of Accountants Amendment Act 1974), the following section:

“34b

“(1)

Subject to subsection (3) of this section, no person shall describe himself or herself or hold himself or herself out publicly as an accountant or auditor unless that person is suitably qualified in accordance with subsection (2) of this section to offer accounting or auditing services to the public.

“(2)

For the purposes of this section, a person is suitably qualified if that person holds a certificate, degree, diploma, registration, or similar qualification, whether obtained in New Zealand or elsewhere, that is relevant to the practices of accounting and auditing.

“(3)

Nothing in this section shall prevent—

“(a)

Any person who is not offering his or her services to the public as an accountant or auditor or under any similar designation from the use of such a designation in respect of or in relation to his or her salaried employment or occupation:

“(b)

Any person from practising publicly and describing himself or herself as a secretary, bookkeeper, or cost consultant, or under other designation not associated with or conveying the impression that he or she is an accountant or auditor:

“(c)

Any person or member of a club, institution, or association which is not carried on with a view to profit from acting as auditor of the club, institution, or association:

“(d)

Any Minister of the Crown or officer charged with the administration of any law or the Controller and Auditor-General from appointing or authorising or approving of the appointment of any person as auditor in respect of any undertaking.

“(4)

Every person commits an offence and is liable on summary conviction in the case of an individual to a fine not exceeding $200, and in the case of a body corporate to a fine not exceeding $400, who describes himself or herself or holds himself or herself out publicly as an accountant or auditor contrary to the provisions of this section.”

4 Closing off of claims against fund

The New Zealand Society of Accountants Amendment Act 1963 is hereby amended by inserting, after section 15, the following section:

“15a

“(1)

Notwithstanding section 15(4) of this Act, no person shall have any claim in relation to the fund in respect of any theft, embezzlement, or misappropriation committed after the 30th day of April 1993.

“(2)

Notwithstanding section 15(3) of this Act, no person shall nave any claim in relation to the fund in respect of any theft, embezzlement, or misappropriation committed before the 1st day of May 1993, unless notice of the claim is given in writing to the Council or Board of Trustees on or before the 1st day of May 1994.

“(3)

All the provisions of this Act shall continue to apply until all claims received in accordance with the provisions of this Act have been received and fully dealt with in accordance with this Act.”

This Act is administered in the Treasury.

New Zealand Society of Accountants Amendment Act 1993