CPA Australia Welcomes Progress In Critical Reforms

Global accounting body CPA Australia has welcomed progress in crucial reforms to New Zealand accounting and auditing law through Parliament.

Chief executive Alex Malley said the first reading of the Accounting Infrastructure Reform Bill was a milestone step in the delivery of critical measures to enhance competition and deliver greater efficiency in the accounting and audit sector.

“At a time of optimism about the growing strength of the New Zealand economy, the changes currently being considered by Parliament will drive competition and open the way for the auditing and accounting profession in New Zealand to benefit from international expertise.

“The Government is to be applauded for its strong commitment to these vital reforms, which will enable improved access to the profession’s global expertise and build confidence in the New Zealand economy and businesses.”

The Bill’s 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 looked forward to Parliament’s speedy consideration and passage of the Bill.

ENDS

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