CPA Australia Welcomes Critical Accounting Reforms

Media Release
12 November 2013

CPA Australia Welcomes Critical Accounting Reforms

CPA Australia chief executive, Alex Malley, today welcomed the Government’s decision to introduce changes to accounting and audit regulations which will provide businesses with improved access to global expertise and bring the New Zealand profession further into line with global standards.

“The Accounting Infrastructure Reform Bill reforms are a welcome and timely update to New Zealand’s accounting framework, which will enhance competition in the accounting and audit profession to the advantage of business.

“The proposed changes are critical to allowing New Zealand businesses and the finance community improved access to the expertise of a globally connected auditing and accounting profession,” Mr Malley said.

Changes include allowing audit firms to incorporate, clarifying that recognised members of accredited bodies, such as CPA Australia, can perform most statutory audits, strengthening assurance arrangements for charities and updating laws to use the term ‘qualified statutory accountant’ rather than ‘chartered accountant’.

Mr Malley said CPA Australia also supported the proposal for charities with annual operating expenditure of over $500,000 to have their financial statements assured by a qualified accountant.

“A strengthened set of assurance requirements for charities is important for confidence in the sector. Clarifying the pool of accountants qualified to perform these engagements will go toward ensuring crucial services are available where needed for an appropriate cost or pro bono,” says Mr Malley.

ENDS

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