Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 


Select Committee reports back on ‘AIR’ Bill

Hon Craig Foss

Minister of Commerce
20 May 2014 Media Statement

Select Committee reports back on ‘AIR’ Bill

Commerce Minister Craig Foss today welcomed the Commerce Select Committee report on a Bill to improve the efficiency and effectiveness of the accounting and audit industries.

“The Accounting Infrastructure Reform Bill is part of the Government’s Business Growth Agenda to improve regulation and promote healthy financial reporting frameworks,” Mr Foss says.

It builds on the changes initiated by the Financial Markets Conduct Act 2013 and the Financial Reporting Act 2013.

“I would like to thank the members of the Commerce Select Committee for their hard work considering the Bill in a shorter timeframe than usual. I also acknowledge those who provided submissions on the Bill - their suggestions will ensure it promotes efficiency, competition and an international outlook in our audit and accounting market,” Mr Foss says.

The Select Committee’s changes include:

• Allowing for regulations to set criteria for the Registrar of Companies to use when approving applications from overseas auditors and professional bodies.

• Requiring those approved overseas auditors and professional bodies to regularly report to the Registrar to demonstrate that they still meet those standards.

• Providing an exemption for practising members of a religious society or order, whose doctrines or beliefs preclude membership of another organisation, allowing them to come to an alternative arrangement with NZICA or an accredited body.

• Clarifying that professional bodies can still regulate their members who work on an audit, even if an audit company is responsible for signing off the audit.

“Overseas auditors will now be subject to equivalent monitoring, competence, reporting and professional development requirements as their New Zealand counterparts.

“These improvements will ensure clients and users of financial statements have confidence that overseas auditors meet the same high standards as those based in New Zealand,” Mr Foss says.

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

InternetNZ On Snowden Docs: Mass Collection Of Pacific Data Affects Kiwi Holidaymakers

The allegation that New Zealand has conducted mass data harvesting on its Pacific Island neighbours raises concerns about New Zealanders’ communications being collected, says InternetNZ.

“If the allegations are correct, then New Zealand would be mining data about everyone in the Pacific Islands named in the allegations. That’s everyone. Not just individuals who attract specific surveillance warrants, but everyone. This means local residents to visiting Kiwi tourists could be having their data collected." More>>

 

PARLIAMENT TODAY:

Teina Pora Wins Appeal: Gordon Campbell On The Privy Council Decision

The quashing of the convictions of Teina Pora for the rape and murder of Susan Burdett in 1992 has shone a spotlight once again on a major gap in the New Zealand justice system... More>>

ALSO:

Urgent Bill Planned: MP Pay Rises To Match Public Service

Prime Minister John Key today announced an overhaul of the Remuneration Authority Act, tying MP salaries to those of the wider public sector, which will be passed under urgency. More>>

ALSO:

PM's Press Conference: MP Pay Rises, Solid Energy, Iraq

Prime Minister John Key answered questions in his Post-Cabinet press conference about the Iraq deployment, Solid Energy and National’s decision to overhaul the Remuneration Authority Act. More>>

ALSO:

Worksafe: MSD Charged Over Work And Income Ashburton Shooting

WorkSafe NZ has laid one charge against the Ministry of Social Development (MSD) in relation to the shooting at the MSD Ashburton office on 1 September 2014 in which two Work and Income staff were killed and another was injured. More>>

ALSO:

Iraq: Ex-Hostage Says Government Not Putting NZers, Iraqis First

Harmeet Singh Sooden is travelling to Iraq in the coming weeks to work with Christian Peacemaker Teams (CPT) on a short-term assignment. More>>

ALSO:

Joint Statement: Australia-New Zealand Leaders’ Meeting

Prime Minister Key warmly welcomed Prime Minister Abbott and Mrs Abbott to New Zealand. The visit has enabled wide-ranging and substantive discussion that has underlined the strength, value, diversity and warmth of our trans-Tasman relationship. More>>

ALSO:

Press Conference: Peters To Stand In Northland By-Election

New Zealand First Leader Winston Peters has announced his intention to stand in the Northland by-election, citing his own links to the electorate and ongoing neglect of the region by central government. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news