New Zealand Institute of Chartered Accountants


The New Zealand Institute of Chartered Accountants was the operating name for the Institute of Chartered Accountants of New Zealand. The Institute represented over 33,000 members in New Zealand and overseas. Most accountants in New Zealand belonged to the Institute.
New Zealand Institute of Chartered Accountants and the Institute of Chartered Accountants in Australia amalgamated to become Chartered Accountants Australia and 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 November 2013 Members of The Institute of Chartered Accountants in Australia and the New Zealand Institute of Chartered Accountants voted yes on a proposal to create One New Institute: "Institute of Chartered Accountants Australia and New Zealand".

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 who has completed the CAANZ program including the exams and practical components and is a full member of the institute. Members who complete a further examination and practical experience are qualified to offer accountancy services 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 designation offered by the Institute of Chartered Accountants in England and Wales and the Institute of Chartered Accountants in Ireland.

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 .

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 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 Accountant and hold a Certificate of Public Practice. The requirements for the issuing of this certificate are that 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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History

Accounting in New Zealand – Timeline

BRAP releases eight Tentative Statements on Accounting and Auditing Practice. Preamble to each Tentative Statement explained that statements issued in sequel to these would not be mandatory in any way. This highlights the continued predominance of individual over collegial regulation.
Proposed due process:
A Statement, after being exposed as a Tentative Statement and revised, if necessary, by the BRAP, would be submitted to Council for consideration. Council could refer back to the BRAP. Council could pronounce, within twelve months of receipt, that the Statement was required, or recommended, or that the Statement be approved for publication without comment.
Three more Tentative Statements issued. Most significant was the Tentative Statement on Auditing Practice No.5: Auditing Standards.
  1. At the AGM of the NZ Institute of Cost Accountants held on 17 May 1966, it was resolved to wind up the Institute and transfer the funds and property remaining at 30 June 1966 to the New Zealand Society of Accountants. As part of the agreement, members of the Institute, at the date of winding up, would become members of the newly formed Cost and Management Accounting Division of the New Zealand Society of Accountants.
  2. Following considerable debate over the preceding two years, this CMA Division was wound up and a National Corporate Sector Committee established in June 1988. It was noted in the Accountants Journal of May 1988 that : "Members of the CMA Division will be entitled to use the CMA designation as long as they are members of the Society".
  3. The rules passed in 1996 when the NZSA became the Institute of Chartered Accountants of New Zealand allowed for three designations – CA, ACA and AT. There does not appear to be any reference to CMA.
It would appear from this that former members of the Institute of Cost Accountants are now regular members of the New Zealand Institute of Chartered Accountants.