New Zealand Institute of Chartered Accountants

The New Zealand Institute of Chartered Accountants (NZICA) is the operating name for the Institute of Chartered Accountants of New Zealand. The Institute represents over 30,000 members in New Zealand and overseas. Most public accountants and accounting technicians in New Zealand belong to the Institute. It is the only accountancy body in New Zealand.

The Institute adopted the name Institute of Chartered Accountants of New Zealand in 1996. Prior to that, it was known as the New Zealand Society of Accountants.

In order to audit public companies an individual must be a member of either the NZICA or an organisation gazetted in accordance with Section 199 of the Companies Act 1993: Qualifications of Auditors.

Structure

There are three "Colleges" or membership groupings within the Institute. New Zealand is unusual among the major CA Institutes worldwide in offering both Chartered Accountant and Associate Chartered Accountant designations.

Chartered Accountants

The Chartered Accountant designation denotes an accountant qualified to offer the full range of accountancy services privately and to the public. Members of the CA College term themselves Chartered Accountants and use the designatory letters CA

Associate Chartered Accountants

Members of the Associate Chartered Accountant College use the designatory letters ACA.

The Associate Chartered Accountant designation is a mid-level qualification. Members of the ACA College must complete professional education requirements, but are not entitled to offer service to the public.

The designation Associate Chartered Accountant is not directly comparable to the Associate Chartered Accountant (ACA) designation offered by the Institute of Chartered Accountants in England and Wales and the Institute of Chartered Accountants in Ireland. In the latter cases, ACA denotes a fully qualified Chartered Accountant.

Accounting Technicians

NZICA includes among its members persons qualified at accounting technician level who belong to the College of Accounting Technicians and may use the designatory letters AT.

New Zealand's practice in this respect is not followed in other countries. For example, in the United Kingdom, accounting technicians generally belong to the Association of Accounting Technicians.

Mutual recognition agreements

The Institute has mutual recognition agreements with the following Institutes:

NZICA members may admit to full memberships of the above institutions after passing an aptitude test or subject to other specific requirements.

Membership of NZICA through a mutual recognition agreement is subject to meeting certain criteria, including knowledge of New Zealand tax and law.

Members of the following professional associations are given limited advanced standing by NZICA:

NZICA terminated mutual recognition agreements with ACCA and CPA Australia in 2003.

Members of the Association of Accounting Technicians may obtain advanced standing for membership of the College of Accounting Technicians.

Fellowship

Fellowship, or senior membership, of NZICA may be awarded to a member of the CA College for service to the Institute, or high achievement in the profession.

Public practice

Members of the College of Chartered Accountants may apply for a Certificate of Public Practice. Every member of the New Zealand Institute of Chartered Accountants who offers accounting services to the public must be a Chartered Accountants and hold a Certificate of Public Practice (CPP). The requirements for the issuing of this certificate are that (amongst others) a member must have had two years of acceptable practical experience while a member of the College of Chartered Accountants and have attended a course for new practitioners.

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