- Certain engagements in New Zealand must be undertaken by a Qualified Statutory Accountant (QSA)
- All New Zealand members with a CPP qualify as a QSA
- A key benefit of the QSA regime is the ability to benefit from the “carve out” exemption in the Financial Advisers Act 2008
Certain engagements in New Zealand must be undertaken by a Qualified Statutory Accountant (QSA).
New Zealand resident members holding a CPP automatically qualify as a QSA.
Members who do not hold a CPP should not undertake a service that requires QSA status.
The services for which QSA status is needed are mostly specialist services such as acting as a trustee for a student fee protection scheme or certifying an investor as an “eligible investor”.
Members must qualify as a QSA in order to benefit from the “carve out” exemption in the Financial Advisers Act 2008.
QSAs will not be considered to be providing financial adviser services when providing services in the ordinary course of business as a CA in public practice. Where this exemption applies, the member is not required to register or become authorised to provide the relevant services under the Financial Advisers Act 2008.
A service provided as an incidental part of a non-financial service is not deemed to be a financial adviser service. A service is "incidental" if it is carried out to facilitate the CA business, or is ancillary to the CA business.
If this exemption applies in the specific set of circumstances then the member is not required to register or become authorised to provide the relevant services.
Members residing outside New Zealand should contact the NZ Regulation team if they are performing a service requiring QSA status or wish to take advantage of the financial adviser “carve out”.