- Understand your additional obligations as a New Zealand resident member
- The relevant information is outlined below
New Zealand Institute of Chartered Accountants Act 1996 No 39 (as at 01 July 2015), Public Act Contents – New Zealand Legislation – The Act sets out the role and responsibilities of the New Zealand Institute of Chartered Accountants.
NZICA Rules and Code of Ethics
All New Zealand resident members are subject to the NZICA Rules and NZICA Code of Ethics. Members undertaking assurance and related services (i.e. Agreed upon procedures) engagements in New Zealand also need to comply with PES 1 (Revised) » XRB.
The Explanatory Forward provides an overview of New Zealand resident members obligations to comply with various professional and engagement standards.
PS-1 Quality Control - sets standards and provides guidance for members and firms in terms of having a quality control system.
Members and firms undertaking assurance engagements need to comply with PES 3 (Amended) » XRB
PS-2 Client Monies - sets standards and provides guidance regarding a member or firm’s professional responsibilities when holding, receiving or otherwise dealing with client monies on behalf of clients, including operation of client bank accounts.
Members and firms undertaking assurance and related services (i.e. agreed upon procedures) engagements need to comply with applicable assurance and related services standards >> XRB (including ISRS (NZ) 4400 Agreed-upon Procedures Engagements for engagements agreed on or after 1 January 2022. A copy of withdrawn APS-1 can be found in the members handbook).
AES-1 Opinions on Accounting and Reporting Matters - outlines the procedures to be followed by members when approached to provide opinions on accounting and reporting matters.
AES-2 Independent Business Valuation Engagements - establishes standards and provides guidance on the performance of an independent business valuation engagement.
FAS Financial Advisory Services - establishes mandatory requirements and provides explanatory guidance for members and members’ firms undertaking financial advisory services.
IS Insolvency Services - sets out the mandatory requirements and provides explanatory guidance for members and firms undertaking insolvency engagements.
SES-2 Compilation of Financial Information - establishes standards and provides guidance for members when undertaking the compilation of financial information.
EG-2 Guidelines on Ethics in Tax Practice - provides ethical guidance to New Zealand members who may be carrying out tax compliance and/or consulting services for a client.
TG-1 Tax Compliance Services - provides guidance for New Zealand members when providing tax compliance services.
New Zealand based members are also required to comply with CA ANZ Regulations and in particular should understand the CA ANZ Regulations relating to Admission and Readmissions (CR 1), Membership Subscription Fees (CR 4), Provisional Members (CR 5), Specialisations (CR 6), Continuing Professional Development (CR 7) and
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