What we are doing

The Authority is reviewing the participant audit regime. This review includes:

  • ensuring the purpose participant audits is well defined
  • more closely aligning the regime with audit ‘best practice’ 
  • pursuing changes to the audit regime that will better align the regime with the Authority’s statutory objective.

Why we are doing it

The existing participant audit regime (the regime) has been in place since 2008 and has never been formally reviewed. The purpose of the regime has never been formally stated and this has resulted in an inconsistent approach to audits by participants, auditors and the Authority.

By reviewing the current audit regime and how it operates in light of its purpose and audit best practice, we can evaluate all possible changes to the regime and determine how the regime can be improved to deliver the project goals for the long-term benefit of consumers.

What we expect to achieve

The project goals are to:

  • improve compliance with the Code
  • reduce the cost associated with the audit regime
  • reduce the effort associated with the audit regime.

What we need from you

The Authority is seeking the following:

  1. Your feedback on what the purpose of, and outcomes sought from the audit regime should be.
  2. Your proposals to improve the audit regime. These proposals need to align with the Authority’s statutory objective and the project objective to:
    1. improve participants’ compliance with the Code
    2. reduce the cost of participant audits
    3. reduce the effort associated with participant audits.
  3. Supporting information for the proposal—including quantification (where possible) of the extent to which the proposal would improve participants’ compliance with the Code, reduce the cost of audits and reduce the effort associated with audits

This feedback will feed into a suite of proposed changes that will form a more formalised consultation paper.

Please e-mail feedback to submissions@ea.govt.nz by 5pm on 3 March 2015.

While there is no intention to publish the feedback received, all information provided to the Authority is subject to the Official Information Act 1982. Any confidential information should be clearly labelled as confidential.