New era in audit oversightThe New Zealand Institute of Chartered Accountants (NZICA) has welcomed the commencement of the Auditor Regulation Act on Sunday 1 July 2012.
“The introduction of the new Act has been the most significant changes to audit regulation in recent memory”, says NZICA General Manager of Regulation Richard Moon.
The new Auditor Regulation Act will require all auditors and audit firms conducting the audit of issuers to be licensed and registered respectively. NZICA is the licensing body with primary responsibility for the regulation of its members.
“All auditors carrying out issuers audits in New Zealand from Sunday will require a licence.”
“We have been working closely with audit firms to ensure the transition has proceeded smoothly and they understand the registration process. We are committed to ensuring that the objectives of the new Act are met,” says Mr Moon.
Note to reporter:
- The new regime only affects audits of issuers of securities, along with banks, insurance companies and other entities that take deposits or hold assets for broad groups of investors. The great majority of entities will continue to be able to have their audits carried out by practitioners who are not licensed auditors.
For further details please contact:
Communications Executive, NZICA
Mob: 027 477 9486
NZICA is the membership body of choice for over 32,000 accounting and business professionals, working around New Zealand and across the globe. We act in the public interest through regulating the profession and promoting quality, integrity and expertise. Our members hold one of three prestigious professional accountancy designations: Chartered Accountant (CA), Associate Chartered Accountant (ACA) or Accounting Technician (AT).
02 July 2012