Business Trusts Act 2004 · 2020 Revised Edition · Part 10 · Accounts, Audit and Disclosure
81. Auditors
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A person that is not an accounting entity must not —
accounting entity
“accounting entity” means a public accountant, an accounting corporation, an accounting firm or an accounting limited liability partnership;
knowingly consent to be appointed as an auditor for a registered business trust; or
knowingly act as an auditor for a registered business trust.
Without limiting subsection (1)(b), a person acts as an auditor for a registered business trust if the person prepares any report required by this Act to be prepared by an auditor of the registered business trust.
registered business trust
“registered business trust” means a business trust that is registered by the Authority under section 4(1);
A trustee-manager of a registered business trust must not appoint an accounting entity as an auditor of a registered business trust without obtaining the accounting entity’s prior consent.
trustee‑manager
“trustee‑manager”, in relation to a registered business trust, includes a replacement trustee‑manager and temporary trustee‑manager;
For the purposes of subsection (3), the consent —
of a public accountant must be in writing signed by the public accountant;
of an accounting firm, or an accounting limited liability partnership, must be in writing signed by at least one partner of the firm or limited liability partnership; and
of an accounting corporation must be in writing signed by at least one director of the corporation.
Where an accounting firm is appointed as the auditor of a registered business trust in the name of the firm, such appointment takes effect and operates as if the partners of the firm at the time of the appointment, who are public accountants at that time, are appointed as auditors of the registered business trust.
Where an accounting limited liability partnership is appointed as the auditor of a registered business trust in the name of the limited liability partnership, such appointment takes effect and operates as if —
accounting limited liability partnership
“accounting limited liability partnership” has the meaning given by section 2(1) of the Accountants Act 2004;
the partners of the limited liability partnership who are practising as public accountants in the limited liability partnership (whether partners at the time the limited liability partnership was appointed as auditor or later); and
the employees of the limited liability partnership who are practising as public accountants in the limited liability partnership (whether employed at the time the limited liability partnership was appointed as auditor or later),are appointed as auditors of the registered business trust.
Where an accounting corporation is appointed as the auditor of a registered business trust in the name of the corporation, such appointment takes effect and operates as if —
corporation
“corporation” has the meaning given by section 4(1) of the Companies Act 1967;
the directors of the corporation who are practising as public accountants in the corporation (whether directors at the time the accounting corporation was appointed as auditor or later); and
the employees of the corporation who are practising as public accountants in the corporation (whether employed at the time the accounting corporation was appointed as auditor or later),are appointed as auditors of the registered business trust.