Two chartered accountants won't be allowed to issue audits for five years after their involvement in auditing errors involving two companies which later collapsed.

The value of large frauds hits new highs amid several high-profile prosecutions, and companies are warned excessive lay-offs can promote internal fraud. 

Reforms to roll back to expansion of local government activities and to encourage amalgamations like the Auckland “super-city” aim to end 10 years of high annual rates increases and wind back expanding local government debt levels.