New Accounting and Audit Law Set to Benefit Business

30 October 2014

New Accounting and Audit Law Set to Benefit Business

Global accounting body CPA Australia says changes to financial markets and reporting laws, which passed their third reading in Parliament today, will benefit New Zealand businesses by enhancing competition and delivering greater efficiencies in the accounting and audit sector.

Chief executive Alex Malley said the changes introduced by the Accounting Infrastructure Reform Bill, which was first introduced to Parliament in 2013, is a key milestone in the Government’s overhaul of financial markets legislation.

“These amendments will provide New Zealand businesses and the finance community with improved access to the expertise of a globally connected auditing and accounting profession,” Mr Malley said.

The changes allow audit firms to use the new term ‘qualified statutory accountant’ clarifying that recognised members of accredited bodies, such as CPA Australia, can perform statutory audits. It will also enable audit firms to incorporate, and strengthens assurance arrangements for charities.

Mr Malley said the amendments are also an important regulatory milestone for CPA Australia’s growth in New Zealand. It follows on from CPA Australia’s 2012 accreditation by the Financial Markets Authority (FMA) in respect of auditor licensing and regulation, and its achievement of Approved Advisor Group status by the IRD.

About CPA Australia
CPA Australia is one of the world's largest accounting bodies, representing more than 150,000 finance, accounting and business professionals in 121 countries. With a proud 128-year history, CPA Australia supports its members with education, training and technical support, and has a particular emphasis on providing rewarding career pathways for top accounting graduates. CPAs are recognised as strategic business leaders and New Zealand members include senior finance professionals from some of the country’s largest public and private sector organisations. CPA Australia advocates not only on behalf of its members, but also on behalf of public interest. For more information please visit www.cpaaustralia.co.nz

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