Trans-Tasman accounting merger gets unanimous board backing

Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.

Launch Radio player

A potential tie-up between the NZ Institute of Chartered Accountants and the Institute of Chartered Accountants in Australia, its sister body, will be put to members for consultation after winning unanimous support from both boards.

Both boards have announced they will put their work to the NZICA's and ICAA's elected leaders for feedback as they seek to win support for a merger of the entities.

The trans-Tasman industry groups have been working more closely since September 2010 as regulators push for greater harmonisation between New Zealand and Australia.

The boards "believe there is a strong case for creating a new, single trans-Tasman institute and have unanimously agreed to move to the next stage of the process being full consultation with our elected members", they say in a statement on the NZICA website.

"The boards believe the institutes can best address the opportunities and challenges facing the profession together, by creating a new future-fit member-centric body ready to adapt, innovate and grow for the benefit of members and the community."

New Zealand auditors have come under greater scrutiny in the past couple of years after legislators decided to introduce a new layer of oversight, with the Financial Markets Authority acting as an independent watchdog of the NZICA's monitoring function.

The accounting bodies will set up a trans-Tasman joint working council to stress-test and provide guidance on the work to date. That work will then be used for wider consultation.

(BusinessDesk)


Got a question about this story? Leave it in Comments & Questions below.

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

Comments & Questions

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 0.7235 -0.0005 -0.07%
AUD 0.9433 0.0068 0.73%
EUR 0.6616 -0.0030 -0.45%
GBP 0.4715 -0.0001 -0.02%
HKD 5.6092 -0.0068 -0.12%
JPY 89.7100 0.1300 0.15%

Commods

Commodity Price Change Time
Gold Index 1185.6 0.900 2015-05-27T00:
Oil Brent 62.7 -1.190 2015-05-27T00:
Oil Nymex 57.6 -0.470 2015-05-27T00:
Silver Index 16.6 -0.099 2015-05-27T00:

Indices

Symbol Open High Last %
NZX 50 5757.9 5777.6 5757.9 0.34%
NASDAQ 5047.9 5111.5 5032.8 1.47%
DAX 11716.1 11773.8 11771.1 -0.35%
DJI 18045.1 18190.3 18041.5 0.67%
FTSE 7033.3 7049.6 7033.3 0.00%
HKSE 28162.2 28162.2 28081.2 -2.23%
NI225 20590.3 20655.3 20472.6 0.39%