Auditor general to get $16m bailout and will increase fees

Auditor general to get $16m bailout and will increase fees
Auditor general John Ryan is facing up to massive financial pressures within the sector. (Image: Supplied)
Ian Llewellyn
The auditor general’s office is to receive $16 million in capital injections as it faces ongoing financial problems and an accumulated deficit of $22m due to covid disruptions and increased costs.It will also increase audit fees by 8% annually for the next few years.The Officers of Parliament Committee said the auditor general and Audit NZ's cumulative deficit is forecast to be $22.13m out to 2025-26.  To put this in perspective, the auditor general’s baseline budget for 2022-23 is $28.4m.Several core issuesThe parliamentar...

More Finance

FMA sues InvestNow over historic AML breaches
Finance

FMA sues InvestNow over historic AML breaches

The alleged breaches occurred between 2018 and 2022.

Staff reporters 20 Dec 2024
$400m Christmas bonus for Cryptopia victims
Finance

$400m Christmas bonus for Cryptopia victims

This is the first big payout since a hack and theft in 2019.

Pattrick Smellie 20 Dec 2024
ComCom plans to cap credit card surcharges
Finance

ComCom plans to cap credit card surcharges

Plan would save Kiwi shoppers millions. 

Staff reporters 18 Dec 2024
Audit fee rise is NZ playing ‘catch up’
Finance Auditing the Auditors

Audit fee rise is NZ playing ‘catch up’

Auditors have relied on importing talent, says NZSA's Oliver Mander. 

Murray Jones 18 Dec 2024