NZICA reacts to challenge, strengthens ties with IOD

BUSINESSDESK: The New Zealand Institute of Chartered Accountants has announced a new alliance with the Institute of Directors hours after rival organisation CPA Australia gained Financial Markets Authority permission today to license auditors here.

The two bodies will pool resources "where relevant", NZICA and the IOD say in a joint statement.

Corporate governance "is an area where there is on-going change and widespread interest in ensuring that boards have the right mix of expertise", with the Financial Markets Conduct Bill currently before the parliament, NZICA chief executive Terry McLaughlin says.

The accreditation of CPA Australia to license auditors who carry out audits in New Zealand means NZICA is no longer the sole operator in its market.

"The licensing regime will improve the standard of auditing, boost confidence in investment markets and ultimately allow businesses to focus on what really matters: achieving sustainable growth," CPA Australia chief executive Alex Malley says in a separate statement.

NZICA has more than 33,000 accounting and business professionals as members, according to its website. CPA Australia is a part of a global group and has previously told BusinessDesk it wants to win a larger share of the New Zealand market.

CPA Australia is one of the world's largest accounting bodies with a membership of more than 139,000 finance, accounting and business professionals across the globe, its website says.

Rules are tightening for directors, and their obligations and liabilities are spelled out in the new bill.

The reputation of directors in New Zealand has been marred by a string of convictions in high-profile cases where finance companies failed. Some are now in jail.

Mr McLaughlin says the NZICA's tie-up with the directors' body is "a tangible way to lift standards of corporate governance and deliver benefits to our members".

Under the Auditor Regulation Act 2011, auditors who carry out issuer audits must be licenced and audit firms must be registered.

CPA Australia's accreditation "establishes an important regulatory relationship between the FMA and CPA Australia," FMA chief executive Sean Hughes says.

This article is tagged with the following keywords. Find out more about My Tags

Comment & Question

Commenter icon key: Subscriber Verified

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7850 0.0000 0.00%
AUD 0.8924 0.0000 0.00%
EUR 0.6196 0.0000 0.00%
GBP 0.4880 0.0000 0.00%
HKD 6.0917 0.0000 0.00%
JPY 84.8970 0.0000 0.00%

Commods

Commodity Price Change Time
Gold Index 1231.3 -0.710 2014-10-24T00:
Oil Brent 86.1 -0.510 2014-10-24T00:
Oil Nymex 81.0 -1.020 2014-10-24T00:
Silver Index 17.1 0.024 2014-10-24T00:

Indices

Symbol Open High Last %
NZX 50 5292.8 5344.4 5341.7 -0.15%
NASDAQ 4459.5 4486.3 4452.8 0.69%
DAX 9008.6 9044.9 9047.3 -0.66%
DJI 16677.0 16811.7 16677.9 0.76%
FTSE 6419.1 6419.1 6419.1 -0.47%
HKSE 23311.9 23352.6 23333.2 -0.13%
NI225 15354.4 15377.0 15139.0 1.01%