Issued: 2025 Update of NZ Code of Ethics - Tax Planning and Related Services

The NZ Regulatory Board has approved amendments to the NZICA Code of Ethics (the Code) to reflect changes made to the International Code of Ethics by IESBA’s Tax Planning and Related Services project. The amendments will apply from 1 July 2025 and are primarily designed to strengthen ethical expectations in the Code for members when they perform tax planning services.

To review the changes and access the updated Code, please visit our website.

Online Event: Tax Planning and Related Services

The NZ Regulation team invites you to join us on Friday 4 April, 12pm - 1pm to learn more about the upcoming amendments to the Code.

To register for this event, please visit our Education Store.

Issued: Update of PS-2: Client Monies

The NZ Regulatory Board has approved the update of PS-2: Client Monies. The revised standard will apply from 1 January 2026. The changes are designed to update the existing standard to reflect modern banking practices and align with updates made to the Code. It also includes new requirements for all members who control the money of others.

The NZ Regulatory Board thanks all those members who provided comments on  the proposal to update PS-2: Clients Monies. In response, several changes were made when finalising the standard, including:

• The proposal to modify the “fees paid in advance” exclusion in the definition of client monies has been removed.
• The proposal to future proof the scope of PS-2 (paragraph R2.6) has been modified to expressly exclude tax transfers and tax pooling. Instead, members in public practice must continue to address these topics within their system of quality management.  
• The proposal to clarify that direct debit authorities fall within the scope of PS-2 has been retained. However, clarifying statements in the Management Report confirm that most pre-agreed fixed payment schedules paid via direct debit will be unaffected.
• The proposal to require members to consider whether there are any practical alternatives to the proposed client monies activities before agreeing to perform them has been amended to clarify what actions are needed.
• The proposal regarding the issuing of statements for a client bank account has been modified, allowing members to agree with the client on an appropriate level of reporting provided the agreement meets certain minimum requirements.
• The proposals regarding prescribed monitoring activities and record retention timeframes have been updated.

All changes to the proposals (including those highlighted above) are discussed in the Management Report and shown as tracked changes in Appendix D of the report.

The NZ Regulation team plans to invite you to an online event in May to learn more about the amendments to PS-2.

In the meantime, to access the updated PS-2 and the Management Report, please visit our website.

Reminder: 2024 Update of NZ Code of Ethics – Technology and Conforming Amendments

The changes to the Code reflecting amendments made to the International Code of Ethics by IESBA’s technology project (and other projects) came into effect from 15 December 2024. The changes are primarily designed to ensure the Code is robust enough in guiding members’ ethical behaviour as they navigate evolving technology.

To access an overview of the changes and a current copy of the Code, please visit our website.

Reminder: Engagements requiring a Qualified Statutory Accountant

The NZ Regulation team reminds members that where legislation requires an engagement to be undertaken by a Qualified Statutory Accountant, this means a Chartered Accountant holding a Certificate of Public Practice. Such engagements include certifying an investor as an “eligible investor” or acting as a trustee for a student fee protection scheme. Further details can be found on our website.