Should every overseas company be audited?
Only the reporting entity should be audited. The reporting entities are defined as follows:
- An overseas company carrying business in NZ (s 19(1)(a) FRA)
- Any company which is large AND in which 25% of more voting power at a meeting of a company held by (s 19(1)(b)):
- Any company that is subsidiary of a company or body corporate incorporated outside NZ (s 19(1)(c))
- Is an issuer within the meaning of section 4 of the FRA (s 18)