The Minister for Commerce, Craig Foss, has announced reforms to three areas of regulation regarding accounting and auditing services in New Zealand. These reforms are to be included in an Accounting Infrastructure Reform Bill which will be introduced to Parliament later in 2013.

The reforms will:

  • enable the New Zealand Institute of Chartered Accountants to amalgamate with the Australian Institute of Chartered Accountants in the creation of a new trans-Tasman Institute, if their members vote to do so;
  • better allow competent auditors with the appropriate qualifications to offer audit services to New Zealand firms by altering restrictions on non-issuer audit work;
  • allow audit firms to incorporate as a company, if they decide it's the most efficient business form for them. It will also allow overseas limited liability partnerships to perform some statutory audits in New Zealand.

To view the Minister's press release click here.