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Ms Adams, who moves to the back bench and will step down at the next election, was replaced in her finance role by Paul Goldsmith. Hamilton West MP Tim Macindoe becomes shadow attorney-general.
Mr Woodhouse, a qualified accountant and former chief executive of Mercy Hospital, has previously been on the finance and expenditure committee and counts revenue among the various Cabinet portfolios he has held.
''I have been close to Amy since the day we walked into Parliament together and we have been good friends and colleagues, so I am going to miss her a lot,'' Mr Woodhouse said.
''She is definitely going to be a loss, but it is an opportunity for other people to step up in what is quite a big reshuffle.''
Mr Woodhouse trades his immigration role for associate finance, but retains deputy leader of the House and also his health spokesmanship.
''I am very pleased to join the finance team,'' Mr Woodhouse said.
''I understand I will have a role in looking at social policy appropriations, which will dovetail nicely with health.''
Other southern National MPs retained their roles.