Legislation

New Zealand Institute of Chartered Accountants Act 1996 – The Act sets out the role and responsibilities of the New Zealand Institute of Chartered Accountants.

NZICA Rules and Code of Ethics [Secondary Legislation]

All New Zealand resident members are subject to the NZICA Rules Effective 10 December 2024 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 the International Code of Ethics for Assurance Practitioners (including International Independence Standards)(New Zealand): PES 1 » XRB.

For earlier versions of both the NZICA Rules and the NZICA Code of Ethics, visit the historical versions page. 

Professional and Engagement Standards

Explanatory Foreword

The Explanatory Foreword provides an overview of New Zealand resident members obligations to comply with various professional and engagement standards. To view earlier versions of the Explanatory Foreword visit the historical versions page.

Professional Standards

PS-1 Quality Management - sets standards and provides guidance for members and firms regarding the design, implementation and operation of a system of quality management (SoQM). However, members and firms undertaking assurance and related services (i.e. Agreed upon procedures) engagements must instead design, implement and operate a SoQM in accordance with Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements: PES 3 » XRB.

PS-2 Client Monies - sets standards and provides guidance for members or firms who perform client monies activities, including operation of trust accounts and client bank accounts. It also indicates the general professional and ethical behaviours expected of members who otherwise control the money of others.

PS-3 Terms of Engagement - sets standards and provides guidance regarding a member or firm's terms of engagement.

For earlier versions of PS-1 Quality Management, PS-2 Client Monies and PS-3 Terms of Engagement, visit the historical versions page. 

Engagement Standards

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 Agreed upon Procedures engagements agreed on or after 1 January 2022. If you require a copy of the withdrawn APS-1, visit the historical versions page).

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.

For earlier versions of the Engagement Standards, visit the historical versions page.

Guidelines

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.

For earlier versions of EG-2 Guidelines on Ethics in Tax Practice and TG-1 Tax Compliance Services, visit the historical versions page.

Relevant CA ANZ governance documents

New Zealand based members must comply with applicable CA ANZ governance documents and, in particular, must understand the CA ANZ Regulations highlighted below.

• CA ANZ Royal Charter – establishes CA ANZ including its’ purpose
• CA ANZ By Laws – establishes the contract between members and CA ANZ 
  Note:  some paragraphs of the By-Laws are not applicable to New Zealand resident members (for example, paragraphs 33 and 34 (certificates of public practice); section 5 (professional conduct) because the topics are instead addressed in the NZICA Rules (refer above).
• CA ANZ Regulations – establish more nuts-and-bolts requirements of membership 
  Note:  some CA ANZ regulations do not apply to New Zealand resident members.  However, New Zealand based members must 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 Designation, Trade Mark and Practice Name Terms of Use (CR 9).