Date posted: 5/12/2018 8 mins min read

Revision of NZ Code of Ethics | Have your say

CA ANZ wants input from New Zealand CAs on a revised and updated Code of Ethics to apply from June 2019.

In Brief

  • The rewritten NZ Code of Ethics will provide clearer, stronger guidance for accountants navigating ethical challenges.
  • CA ANZ wants members’ feedback on the Exposure Draft by 8 February 2019.
  • The revised NZ Code is proposed to apply from 15 June 2019.

The New Zealand Regulatory Board is proposing to adopt a revised Code of Ethics based on the recently updated International Code of Ethics. The revised Code of Ethics will apply to all CA ANZ members in New Zealand. Members are invited to comment on the Exposure Draft 2018-2 Proposed revision of New Zealand Code of Ethics by 8 February 2019.

A clearer accounting code of conduct

Clearer and stronger guidance is being provided to help professional accountants navigate the ethical obligations and challenges they encounter.

The International Ethics Standards Board for Accountants (IESBA) released its revamped Code of Ethics for Professional Accountants (including International Independence Standards) (the Code) in April 2018, and it will apply from June 2019.

The new NZ accounting Code of Ethics has the same fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behaviour but has been restructured and rewritten in a way to make it easier to understand.

“The fundamental principles included in the Code give all professional accountants clear principles to follow in their professional activities, regardless of career stage or type of role,” says Kristen Wydell FCA, general manager professional standards at CA ANZ.

“The Code is equally applicable and important for members working in public practice, for corporate enterprises, not-for-profits or in academia.”

In response to this, standard setters in Australia and New Zealand have been updating their respective Codes for CA ANZ members. The key dates are summarised below.

“The fundamental principles included in the Code give all professional accountants clear principles to follow in their professional activities, regardless of career stage or type of role.”
Kristen Wydell FCA

DATES FOR APPLICATION OF NEW CODES

  • IESBA Code released April 2018, applies from 1 June 2019.
  • NZICA Code of Ethics was issued for comment in November 2018, with a proposed application date for all NZ resident members from 15 June 2019.
  • NZAuASB proposed Code of Ethics that will apply to NZ assurance practitioners with a proposed application date from 15 June 2019.
  • Accounting Professional and Ethical Standards Board Code of Ethics for Professional Accountants (including Independence Standards) proposed application from 1 January 2020.
  • You can find out more about the proposed changes to the NZ Code of Ethics and have your say here.

    Acuity explored more issues around accounting ethics with Clare Payne, EY Oceania Fellow for Trust and Ethics, in the December 2018 magazine.