New Zealand: New accounting and audit law set to benefit business 

30 October

Global accounting body CPA Australia says changes to financial markets and reporting laws, which passed their third reading in Parliament today, will benefit New Zealand businesses by enhancing competition and delivering greater efficiencies in the accounting and audit sector.

Chief executive Alex Malley said the changes introduced by the Accounting Infrastructure Reform Bill, which was first introduced to Parliament in 2013, is a key milestone in the Government’s overhaul of financial markets legislation.

“These amendments will provide New Zealand businesses and the finance community with improved access to the expertise of a globally connected auditing and accounting profession,” Mr Malley said.

The changes allow audit firms to use the new term “qualified statutory accountant” clarifying that recognised members of accredited bodies, such as CPA Australia, can perform statutory audits. It will also enable audit firms to incorporate, and strengthens assurance arrangements for charities.

Mr Malley said the amendments are also an important regulatory milestone for CPA Australia’s growth in New Zealand. It follows on from CPA Australia’s 2012 accreditation by the Financial Markets Authority (FMA) in respect of auditor licensing and regulation, and its achievement of Approved Advisor Group status by the IRD.

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Hamish Anderson
Hotwire
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E: hamish.anderson@hotwirepr.com