CA ANZ has released the following communication to their members:

This email is to notify you of some important changes to some of our professional and ethical standards.  Please ensure you read the below information carefully as it is a condition of your licence that you comply with these standards.

If you have any queries or concerns regarding the below or any other aspect regarding your licence, please don’t hesitate to contact us on regulation.nzica@charteredaccountantsanz.com

  1. Revised NZICA Insolvency Services Standard

The New Zealand Regulatory Board has issued a revised NZICA insolvency services standard, IS: Insolvency Services that will apply to all NZICA members and all insolvency practitioners licensed by NZICA from 1 November 2021 (early adoption permitted).

The revised standard reflects changes to New Zealand laws and regulations(in particular, the new insolvency practitioners regime) and the NZICA Code of Ethics.

You can find out more about the changes and obtain a copy of the standard here

  1. Revised NZICA Code of Ethics – Role and Mindset

The New Zealand Regulatory Board has issued a revised NZICA Code of Ethics that incorporates ED 2020-1 Revision of the NZICA Code of Ethics to promote the role and mindset expected of members (revised code).  The NZICA Code of Ethics applies to all insolvency practitioners licensed by NZICA.

The changes included in the revised code reflect recent changes made by the International Ethics Standards Board for Accountants (IESBA) to the International Code of Ethics.  The changes highlight a member’s and LIP’s responsibility to act in the public interest and enhance the fundamental principles and conceptual framework by further clarifying existing requirements and introducing new concepts including the requirement to “have an inquiring mind”.

The changes will take effect on 31 December 2021 (early adoption permitted).

You can find out more information on the changes and obtain a copy of the revised code here

  1. Revised Regulation CR 7 – Continuing Professional Development (CPD)

The New Zealand Regulatory Board and the Chartered Accountants Australia and New Zealand Board have issued a revised regulation CR 7.  This regulation sets out the minimum CPD requirements for all members, LIPs and Non Member Principals approved by NZICA.

As set out in the standard conditions of your licence, should the NZICA requirements exceed those set out in the Prescribed Minimum Standards, you must comply with the NZICA requirements.

For trienniums (3 year period) beginning on or after 1 July 2021, all LIPs must undertake:

At least 120 hours of CPD;

At least 90 hours of the 120 must be verifiable CPD;

At least 20 hours of the 90 verifiable hours must relate to insolvency;

At least 2 hours of the verifiable hours must be ethics training; and

A minimum of 20 hours of the total 120 must be completed each year.

You can find out more about the changes here

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