Trans-Tasman accounting body merger needs more work before engaging members
Aug. 29 (BusinessDesk) - A potential tie-up between the New Zealand Institute of Chartered Accountants and the Institute of Chartered Accountants in Australia, its sister-body, needs more investigation before being put before members.
The boards of the two bodies met last week to discuss the merits of creating a new membership body, and will meet again in October. The trans-Tasman industry groups have been working more closely since September 2010 as regulators push for greater harmonisation between New Zealand and Australia.
"The NZICA and ICAA boards had a productive meeting early in August that determined that more work and analysis be undertaken before making a decision to move to member consultation," chairman Graham Crombie said in an emailed statement.
If the bodies decide to proceed with a merger, consultation would likely begin in March next year with a vote in September or October, according to an indicative consultation timeline published on the NZICA's website.
New Zealand auditors have come under greater scrutiny in the past couple of years after legislator's decided to introduce a new layer of oversight, with the Financial Markets Authority acting as an independent watchdog of the NZICA's monitoring function.