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Should every overseas company be audited?

Only the reporting entity should be audited. The reporting entities are defined as follows:

    1. An overseas company carrying business in NZ (s 19(1)(a) FRA)
    2. 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)):
    3. Any company that is subsidiary of a company or body corporate incorporated outside NZ (s 19(1)(c))
    4. Is an issuer within the meaning of section 4 of the FRA (s 18)

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