ICAA collaboration
On 1 September 2010 we announced a collaboration between the New Zealand Institute of Chartered Accountants (NZICA) and the Institute of Chartered Accountants in Australia (ICAA). This collaboration will create a powerful alliance between the two organisations and cement the Chartered Accountant designation as the foremost professional designation for accountants within the Asia-Pacific region.
See our 1 September media release for more information.
Important ICAA/NZICA collaboration update - 23 March 2012
As signalled in August last year, the Boards of the Institute of Chartered Accountants in Australia (ICAA) and the New Zealand Institute of Chartered Accountants (NZICA) met in a joint session in Auckland recently to review the progress of existing collaboration initiatives, and to consider a comprehensive report from PwC on opportunities for future collaboration.
The discussion focused on whether we:
- consolidate existing collaboration initiatives for the joint Chartered Accountants Program, common ICT and shared
- products and services; or
- move common activities into a shared services model; or
- consider the merits of merging ICAA and NZICA into one new membership body.
The two Boards unanimously agreed to further explore the merits of merging NZICA and ICAA into one new membership body. The Boards share enthusiasm for the prospect of creating a single, strong and relevant membership body, and are excited about the potential opportunities and value this could create for members.
The key strategic driver for considering creating a new single organisation is that it would better position both Institutes and the Chartered Accountant brand for global consolidation of the profession, and therefore be in the long term interest of our members.
The PwC work also highlighted the significant areas of commonality across the organisations, including the quality and integrity inherent in the reputations of both organisations.
As a result, we will now undertake further work to examine and develop options for a range of areas, including:
- governance arrangements
- legal and tax considerations, including the NZICA Act
- further analysis of costs and synergies
- further developing the member value proposition
- associated member considerations.
This additional work will be considered at our next joint Board session in August 2012, at which time we will have achieved further milestones in the delivery of our joint Chartered Accountants and ICT programs.
Both Boards are strongly committed to a successful Chartered Accountants Program roll-out in 2013, and to the advancements planned under the shared services model for ICT. These projects represent necessary milestones for the Boards in contemplating the merits of a merger.
If the outcome of the further work is favourable, and the Chartered Accountants Program and ICT milestones achieved, then we are likely to release a comprehensive members’ consultative document in 2013.
Changes to the CAANZ Board structure
NZICA and ICAA established a joint Board (known as the CAANZ Board) in 2010 in order to oversee the current collaboration initiatives. The CAANZ Board will now be expanded to include three Directors from each Institute with the CEOs in attendance. The CAANZ Board will coordinate and oversee the further work that will now be undertaken.
The CAANZ Board will have regular reporting back into the NZICA and ICAA Boards, and where possible, communication to members on how this next phase of due diligence is progressing.
In between these updates we welcome your feedback or questions to:
NZICA members: your.voice@nzica.com
ICAA members: ceo@charteredaccountants.com.au