Introducing a threshold for the auditing of reserve boards and reserve administrative bodies

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Summary

Auditing small-scale reserve boards and reserve administering bodies creates significant costs. These costs are borne by the Crown, rather than the reserve board or reserve administering bodies. The current pressure on the auditing system has meant that Audit New Zealand has deprioritised the auditing of reserve boards and reserve administering bodies for some time.

This Regulatory Impact Statement assesses a proposal to make targeted amendments to the Reserves Act 1977 and the Public Finance Act 1989 in order to alleviate the administrative burden on Audit New Zealand of auditing reserve boards an administering bodies with annual operating expenditures of less than $550,000.