Newzealand to set up oversight board....MCA?when.

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This discussion is constructive appraisal of Accountancy in India and Accountancy Bodies have on the business. The focus will be from point of view of public interest and other stakeholders. Members are expected to discuss from point of view of current legislation prevailing in India and also contrast with international practises.

This is a open forum. Please share your opinion in professional manner or else face moderation.

Newzealand to set up oversight board....MCA?when.

Postby supthaeshuThigazh on Fri Oct 23, 2009 10:05 pm

New auditor regulations need to align with Australia, says ICA

By Paul McBeth

Oct. 23 (BusinessWire) – The government’s new auditor regulations need to align New Zealand with Australia, according to the Institute of Chartered Accountants, which will have its oversight responsibilities stripped under the new regime.

The changes will remove the ICA from its dual role of regulating and promoting the profession and give auditor oversight to a beefed up Accounting Standards Review Board to be called the External Reporting Board. They are necessary to bring the country into line with global standards, according to chief executive Terry McLaughlin.
“We would have the expectation that New Zealand officials would be developing the regime to achieve” trans-Tasman alignment, he told BusinessWire. Commerce Minister Simon Power “has been very keen on building this relationship, but the devil will be in the detail.”

The ICA has been working with the government to develop a new regime since the collapse of Enron at the end of 2001 and resulting in the dissolution of accounting firm Arthur Andersen, sparked concerns around the oversight of auditing processes.

Under current regulations New Zealand chartered accountants can’t obtain registration as company auditors in Australia, meaning they are unable to accept Australian company audit engagements. This may be extended to other offshore jurisdictions, according to a cabinet document posted on the Ministry of Economic Development’s website.

Power pushed the timeframe out to 2012 to implement the new regime, from 2011 initially indicated in the cabinet paper.

“Self-regulation is no longer acceptable internationally,” Power said in a statement. “We need to introduce independent oversight to ensure that New Zealand auditors are able to practise overseas.”

Power cited a damning report by companies’ registrar Neville Harris into the failure of finance companies as one reason why tougher regulation was needed. The Harris report said the auditing of the sector “lacked the rigour and analytical depth one would expect for entities managing substantial public investments.”

The ICA will continue to regulate auditors as a specialist profession rather than as chartered accountants, and the new entity will monitor and report on the way the institute does so.

(BusinessWire)
CMA.R.Veeraraghavan FCMA
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Perfect examples to be followed by MCA in India

Postby bvprabhakar on Sat Oct 24, 2009 2:53 pm

The changes will remove the ICA from its dual role of regulating and promoting the profession and give auditor oversight to a beefed up Accounting Standards Review Board to be called the External Reporting Board. They are necessary to bring the country into line with global standards,


- Our honourable parliamentarians who are currently in the process of following global standards in the matter of Directors' accountability may please adopt this global standard as well at the earliest which will do immense good to the the accountancy profession in India and serve the public interest.
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Re: Newzealand to set up oversight board....MCA?when.

Postby ANRaman on Mon Nov 30, 2009 11:07 pm

Please see recommendation 20 of the CII task Force released in Nov 2009 in the link below :
http://www.cii.in/documents/CG_REPORT_IN.pdf

CII has recommended the setting of Audit Oversight board like USA.
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Re: Newzealand to set up oversight board....MCA?when.

Postby bvprabhakar on Mon Nov 30, 2009 11:51 pm

Please refer to my comment as well in the following post:

http://cmaindia.informe.com/forum/post7181.html#p7181
लागत और प्रबंधन लेखाकार
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ಮೂಲ್ಯ ಮತ್ತು ನಿರ್ವಾಹಣೆ ಲೆಕ್ಕಿಗ
لاگت اور انتظام لیھاکار
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bvprabhakar
 
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Re: Newzealand to set up oversight board....MCA?when.

Postby supthaeshuThigazh on Fri Nov 08, 2013 7:53 pm

ANRaman wrote:Please see recommendation 20 of the CII task Force released in Nov 2009 in the link below :
http://www.cii.in/documents/CG_REPORT_IN.pdf

CII has recommended the setting of Audit Oversight board like USA.
A.N.Raman


Is the CII now satisfied with CA heading the NFRA and all the members in the composition of the team will 99% be a CA, a home away from home.
CMA.R.Veeraraghavan FCMA
யாதும் ஊரே யாவரும் கேளிர்
An Ant has a say in this biosphere.
http://www.publicaccountants.org.au/
http://www.icwai.org
http://www.aima-ind.org/
http://barcouncilofindia.org/
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supthaeshuThigazh
 
Posts: 2393
Joined: Sat Aug 09, 2008 9:27 pm
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Full Name: CMA.R.Veeraraghavan Iyengar,ஆர் .வீர ராகவன்,आर वीराराघवन,सुप
Education: FCMA,FIPA,LL.B,MIMA,
Year of Membership or Passing: 1990
ICAI (CMA) Membership: FCMA
Karma: 15


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