Media Release

22 May 2014

CPA Australia Welcomes Commerce Select Committee Report

Global accounting body CPA Australia has welcomed the Commerce Select Committee’s report on a Bill which aims to enhance competition and deliver greater efficiencies in the accounting and audit sector.

Chief executive Alex Malley said the Accounting Infrastructure Reform Bill further builds on the Government’s overhaul of financial markets legislation.

“The Accounting Infrastructure Reform Bill proposes measures which 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.

“We welcome the Commerce Select Committee’s changes to the Bill which, once passed, will help build greater confidence in New Zealand’s financial markets, with overseas auditors having to meet the same high standards as those based in New Zealand.”

The Bill proposes allowing audit firms to incorporate, clarifies that recognised members of accredited bodies, such as CPA Australia, can perform most statutory audits, strengthens assurance arrangements for charities and updates laws to use the term ‘qualified statutory accountant’ rather than ‘chartered accountant’.

Mr Malley said CPA Australia looked forward to Parliament’s passing of the Bill into law in a timely manner.

ENDS

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