Finance Review Policy

This is our Finance Review Policy, with effect from July 31st, 2023.

This policy is referenced in our Annual Report and should be available for members.



NZSA regularly reviews listed issuers against both audit rotation and audit independence principles. Both are an important facet of maintaining quality of financial statements and providing transparency to stakeholders.

NZSA believes it should uphold these same standards for its own members.



The aims of this Policy are to ensure that:

  1. financial review services are provided independently and without impairment, safeguarding the reliability and credibility of NZSA’s financial reporting to members.
  2. NZSA provides a strong degree of assurance for its members that financial reports are conveyed to them with a high degree of accuracy.
  3. NZSA continues to act in the best interests of its members as outlined in its Statement of Service Performance, as disclosed each year within its Annual Report.

Policy Statement

The NZSA Board will operate a Finance and Risk Committee (FRC).

  1. The Chair of the FRC shall not be the NZSA Chair.
  2. The FRC will comprise a minimum of two NZSA Board Members.
  3. The CEO is invited to participate within the FRC as required.

Obligations of NZSA and Role of the FRC

  1. The FRC operates under a separate terms of reference, approved by the whole Board.
  2. NZSA will comply with the Tier 3 Public Benefit Entity Simple Format Reporting – Accrual as per the requirements of the External Reporting Board.
  3. NZSA is required to undertake an Annual Review of its Financial Statements.
  4. NZSA will undertake a review of Financial Review services at least once every 10 years. This may result in re-appointment of the same Financial Review Firm.
  5. The FRC will appoint an appropriately qualified Reviewer to review the Financial Statements each year and report to the Members.

Role of the Reviewer

  1. The Lead Reviewer will be invited to attend the Annual General Meeting to answer any questions from Members.
  2. The Lead Reviewer will not be a Member of NZSA.
  3. The Lead Reviewer nor the Review Firm will not carry out any other work and/or non-assurance services on behalf of NZSA.
  4. The Lead Reviewer will be rotated every 5 years.