New Zealand Institute of Chartered Accountants

New Zealand Institute of Chartered Accountants

About the Institute

The New Zealand Institute of Chartered Accountants is the operating name for the Institute of Chartered Accountants of New Zealand. The Institute represents nearly 28,000 members in New Zealand and overseas.

Vision: First Choice for Business

Mission Statement: Business Leadership Through Service

Structure

There are three "Colleges" or membership groupings within the Institute:

• Chartered Accountants
• Associate Chartered Accountants
• Accounting Technicians.

Strengths

Internationally, members of the New Zealand Institute of Chartered Accountants are well respected. The Institute's Admissions Policy is regarded as a world leader. Professional competency as well as academic ability is assessed before members can offer their services to the public.

Code of Ethics

Members of the Institute are bound by a Code of Ethics. This requirement sets members apart from others offering accounting services to the public.

The Institute's Code of Ethics:

• Is rigorously enforced and provides the public with assurance of professional integrity

• Is relevant and appropriate to the commercial environment in which members work

• Conforms with international guidelines

• Provides the basis for disciplinary action when necessary

• Helps members understand their obligations, both to the Institute and to society.

The Code requires that members must:

• Be straightforward, honest and sincere in their approach to professional work

• Be impartial and free of any conflict of interest

• Have a high standard of competence

• Work according to certain technical and professional standards

• Refrain from conduct that might bring discredit to the profession

• Respect their clients' confidentiality

Breaches of the Code of Ethics are viewed very seriously by the Institute. The Institute maintains a formal Professional Conduct Committee. The Committee can reprimand a member, impose penalties, or refer serious matters to the Disciplinary Tribunal. Professional conduct is enhanced by a Practice Review process, which regularly assesses the work of Chartered Accountants in public practice to ensure that the Institute's standards are being maintained.

Professional Development

Members of the Institute are required to keep themselves up-to-date with best business practice. Professional development (supplied either by the Institute or by other providers) is compulsory for members offering their services to the public.

Financial Reporting Standards

The Institute plays a unique role in developing financial reporting standards. These standards are given the force of law by a statutory body outside the Institute — the Accounting Standards Review Board. Professional and auditing standards prepared by the Institute and used by Chartered Accountants contribute to the credibility of the information used by capital markets. The objective is to harmonise New Zealand's reporting standards with international practice. The Institute's expertise in this area is recognised internationally.

Advocacy

The Institute is a respected advocate for better and fairer tax and commercial laws. In this role, the Institute helps to ensure that legislative priorities are continually assessed to benefit the economy as a whole. The Institute has a strong public relations role that ensures the community is informed about its views on many important issues.