Date posted: 11/11/2022

NZ Code of Ethics – 2022 Update

The NZICA Regulatory Board (Regulatory Board) has made consequential changes to the NZICA Code of Ethics to align it with changes to made to the International Code and PES 1.

In brief

  • The consequential changes arise from IESBA’s Objectivity, Non-Assurance Services; Fees; and QM conforming amendments Projects.
  • The updated NZICA Code of Ethics will apply to all members of CA ANZ in NZ from 15 December 2022 (early adoption allowed).

The NZICA Regulatory Board of New Zealand Institute of Chartered Accountants (NZICA) has revised the NZICA Code of Ethics (NZICA Code).

NZICA Code of Ethics (2022)

NZICA Code of Ethics including 2022 consequential amendments.

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The revisions to the NZICA Code are designed to align it with recent amendments made by New Zealand Auditing and Assurance Standards Board (NZAuASB) to Professional and Ethical Standard 1, International Code of Ethics for Assurance Practitioners (including International Independence standards) (New Zealand) (PES 1) to align with amendments made by IESBA to the International Code as reflected in the Final Pronouncements:

  • Revisions to the Code addressing objectivity of engagement quality reviewer and other appropriate reviewers (Objectivity project);
  • Revisions to non-assurance service provisions of the Code (Non-assurance services project);
  • Revisions to the fee-related provisions of the Code (Fees project).
  • Quality management related conforming amendments to the Code (QM conforming amendments project)

This earlier news article provides:

  • An overview of the proposed changes together with a “summary of proposed changes” that illustrated how these amendments would impact the NZICA Code;
  • Information about NZICA Due Process and Working Procedures including use of the short- form process;
  • An invitation to members to advise the Regulatory Board by 8 September 2022 of any critical NZ specific issues that might preclude the proposed changes being made without amendment; and
  • The proposed timeline for consultation and approval of the revised NZICA Code.

The Regulatory Board did not receive any notifications from members of any critical NZ specific issues that might preclude the changes from being made. As a consequence, the proposed amendments have been made without further consultation and will apply to all members of CA ANZ in NZ from 15 December 2022 (early adoption allowed).

Updated due process timeline

10 March 2021
& 11 July 2022
Management proposed and Regulatory Board agree to ‘short-form’ consultation process.
2 August 2022 Members advised of the proposed amendments and that the ‘short-form’ process will be used.
8 September 2022 Submissions closed on critical NZ specific issues.
28 September 2022 The Regulatory Board approved the revised NZICA Code by circular resolution.
7 November 2022 Code of Ethics is tabled Parliament as it is secondary legislation.
11 November 2022 Date of issue of revised NZICA Code. The revised NZICA Code is published on this website.
15 December 2022 Effective date of revised NZICA Code.

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