The Companies Act 1993(CA 1993), imposes obligations on companies in respect of general record keeping as well as the keeping of accounting records. There are also financial reporting obligations imposed on New Zealand companies.

1. Explain the nature of such obligations and appropriate sections of relevant Acts, which impose these obligations.

2. Outline the legal consequences which follow a failure to comply with such legal obligations.

3. What is the significance of an auditor in relation to a companys reporting obligations and what legal rights, as well as statutory duties, does an auditor have and needs to be complying with?