Find out what your obligations as a public practitioner are if you want to work in New Zealand.
This is the second in a series of articles on practice requirements outside Australia. CPA Australia does not regulate members working in public practice outside Australia, but if you are interested in working overseas you need to be aware of the regulatory and professional requirements.
Accountants
Suitable qualifications to practice as an accountant include certificates, degrees, diplomas, registration or similar qualifications in accounting. These qualifications do not necessarily have to be obtained in New Zealand.
These qualification requirements do not apply to people practising as a secretary, bookkeeper or cost consultant. Anyone using those designations, though, cannot give the impression that they are an accountant.
Chartered accountants
The designation 'chartered accountant' can only be used by members of the New Zealand Institute of Chartered Accountants and only those members can use the CA or ACA abbreviation after their names.
Auditors
Suitable qualifications to practice as an auditor include certificates, degrees, diplomas, registration or similar qualifications in accounting and auditing. These qualifications do not necessarily have to be obtained in New Zealand.
These qualification requirements do not apply to people practising as a secretary, bookkeeper or cost consultant. Anyone using those designations, though, cannot give the impression that they are an auditor.
These qualification requirements also do not apply to those acting as an auditor of a not-for-profit club, institution or association.
The crown, including the auditor general, has the authority to appoint individuals who might not otherwise be qualified as auditors in respect of an undertaking.
An auditor must be a chartered accountant or an approved member, fellow or associate of an overseas approved association of accountants (including CPA Australia).
Only members of the New Zealand Society of Accountants or members, fellows or associates of an approved association of Commonwealth accountants (such as CPA Australia) can be appointed as auditors of Maori incorporations, incorporated runanga, and friendly or other societies and credit unions.
Investment advisers
The activities of investment advisers and investment brokers are regulated by the amended Securities Markets Act 1988.
An investment adviser is a person who, in the course of the persons business or employment, gives investment advice.
An investment broker is a person who, in the course of the persons business or employment, receives investment money or investment property.
Under the amended legislation every investment adviser is obliged to disclose certain information to an investor before giving that person investment advice.
This information includes, but is not limited to, information about:
- qualifications, ongoing training and experience, professional body membership, professional indemnity insurance and dispute resolution facilities
- their honesty and competence for the preceding five years
- the nature and level of the fees to be charged
- any interest or relationship that a reasonable person would think would influence the adviser in giving investment advice, including: relevant remuneration; any type of relationship with any person connected with the investment or with anyone who could influence the provision or content of the investment advice; and any pecuniary or other interest in giving the investment advice
In addition, investment brokers must disclose information about the honesty and competence of the broker in the preceding five years and the procedures for dealing with the investors money or property.
Tax advisers
New Zealand does not require registration of tax advisers.
Tax practitioners can choose to register with the Inland Revenue Department as tax agents, but they are not required to register in order to practise as a tax agent.
Further information
