NZ Commerce Minister Craig Foss has announced reforms to 3 areas of regulation regarding accounting and auditing services in New Zealand. The reforms are to be included in an Accounting Infrastructure Reform Bill, which will be introduced to the NZ Parliament later in 2013.
The proposed reforms will:
- enable the New Zealand Institute of Chartered Accountants (NZICA) to amalgamate with the Institute of Chartered Accountants Australia in the creation of a new trans-Tasman Institute, if their members vote to do so;
- better allow competent auditors with the appropriate qualifications to offer audit services to New Zealand firms by altering restrictions on non-issuer audit work; and
- allow audit firms to incorporate as a company, if they decide that is the most efficient business form for them. The ban on audit companies incorporation is outdated and out of step with international practice, the Minister said. It will also allow overseas limited liability partnerships to perform some statutory audits in New Zealand.
[LTN 115, 18/6/13]