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 nearly 28,000 members in New Zealand and overseas. Most public accountants and accounting technicians in New Zealand belong to the Institute.

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 New Zealand, there is only one local accountancy body, the New Zealand Institute of Chartered Accountants (NZICA).

In order to audit public companies an individual must be a member of either the NZICA or an otherwise gazetted body. Chartered Certified Accountant (ACCA) qualification has also been gazetted under the relevant act (Under Section 199 of the Companies Act 1993: Qualifications of Auditors). An ACCA member can practice as long as they hold an ACCA public practice certificate (with audit qualification) in their country of origin.

Structure

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

Chartered Accountants

The Chartered Accountant designation denotes a fully qualified accountant in New Zealand. Members of the CA College term themselves Chartered Accountants and use the designatory letters CA

Associate Chartered Accountants

New Zealand is unusual among the major CA Institutes worldwide in offering both Chartered Accountant and Associate Chartered Accountant designations.

The Associate Chartered Accountant designation was designed for those who wished to hold a professional accounting qualification while not actively employed in accounting. Although training and academic requirements were similar (although not quite as extensive) to those for the CA designation there is no requirement for Continuing Professional Education (CPE).

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

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.

The Associate Chartered Accountant College was closed to new entrants at the end of 2001, although existing members were allowed to retain their status. The final deadline to apply under transitional arrangements was 31 March 2005. In early 2006, NZICA decided to re-open the ACA College to new members.

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 practise 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.

External links