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