An e-mail was circulated around 24 April 2020 from DIA to DNFBP’s (see below).
I wish to add that my interpretation is this does not mean an automatic extension on the date that the first audit is due i.e. 30 June 2020. This is only for firms who have previously arranged for an external auditor to perform the AML/CFT audit and they have been directly impacted by Covid-19 in some way. An example of this would be not setup to work remotely and therefore backlogged with work. The firm had previously arranged an audit and locked in a date but had to cancel the audit.
“This announcement is for reporting entities supervised by the Department of Internal Affairs not able to complete their first independent audit on time due to COVID-19 Alert Levels.
This applies to law firms, conveyancers, accounting practices, real estate agents and some trust and company service providers. These designated non-financial businesses or professions (DNFBPs) have their first independent audit due in 2020.
The Department confirms that no adverse compliance action will be taken against any DNFBP not able to complete its first independent audit by the relevant deadline, providing they have acted in good faith. Reporting entities should be able to explain how COVID-19 affected their ability to complete their audit and be able to demonstrate steps taken to do so upon lifting of Alert Levels.
The independent audit must be completed as soon as practicable in the circumstances.
We also note that some reporting entities, where relevant staff and auditors are working remotely and have access to all required documents, may be unaffected. These entities should complete their audits by the current deadline.” https://www.dia.govt.nz/AML-CFT-Relief-during-COVID-19-Alert-Levels—Independent-Audit
