Technical

Standards and guidance

The standards and guidance developed by the Professional Standards Board play an important role in regulating the quality of our members’ professional work. These pronouncements maintain external credibility of, and confidence in, NZICA and its brand.

Ethical standards

NZICA has a statutory responsibility for the regulation of the accountancy profession in New Zealand.

New Zealand Institute of Chartered Accountants Act 1996 (PDF, 607 KB)

NZICA Rules - approved November 2011 (PDF, 475KB)

This Act requires that we "always have a Code of Ethics that governs the professional conduct of its members". The Code of Ethics sets out fundamental principles and provides guidance on professional conduct. These principles sustain public confidence in the accounting profession and are positive points of difference between our members and other accountants.

Compliance with the Code of Ethics, which sets out the fundamental principles that apply to any engagement, is mandatory for our members, regardless of the nature of their work.

Code of Ethics (PDF, 226 KB)

Code of Ethics:Independence in Assurance Engagements (PDF, 306 KB)

EG-2:Guidelines on Ethics in Tax Practice (PDF, 15 KB)

Professional standards

PS-1: Quality Control sets out requirements for and provides guidance on the responsibilities of firms regarding a system of quality control. PS-2: Client Monies establishes requirements and provides guidance regarding a member or firm’s professional responsibilities when holding, receiving or otherwise dealing with monies on behalf of clients, including operation of client bank accounts.

PS-1:Quality Control (PDF, 267 KB)

PS-2:Client Monies (PDF, 139 KB)

Engagement standards

Our engagement standards expand upon the application of the fundamental principles of the Code of Ethics to particular types of engagements. They state mandatory requirements that must be performed for the particular engagement.

The Explanatory Foreword to Engagement Standards describes the framework of the standards and guidance relating to the acceptance and performance of engagements by members.

Explanatory Foreword to Engagement Standards (PDF, 67 KB)

Engagement standards (on issue at November 1, 2010)

Audit and other Assurance Standards

FAES:Financial Advisory Engagements (PDF, 211 KB)

APS-1:Statement of Agreed Upon Procedures Engagement Standards (PDF, 55 KB)

APG-1:Guideline on Performance of an Agreed Upon Procedures Engagement (PDF, 58 KB)

AES-1:Opinions on Accounting and Reporting Matters (PDF, 75 KB)

AES-2:Independent Business Valuation Engagements (PDF, 74 KB)

IES Insolvency Engagement Standard (PDF, 262) (replaces SES-1 for insolvency engagements where a member is appointed on or after 1 October 2011 and to a member's conduct after that date on any existing insolvency engagement.)

SES-1:Performance of Insolvency Engagements (PDF, 71 KB)

SES-2:Compilation of Financial Information (PDF, 129 KB)

TG-1:Tax Compliance Services (PDF, 57 KB)