Chartered Accountants Australia and New Zealand (Formerly recognized as New Zealand Institute of Chartered Accountants)

Member | Established: 1894 | CA ANZ Member since 2014 (NZICA Formerly a Member since 1977)

Effective December 31, 2014, the Institute of Chartered Accountants in Australia (ICAA) and the New Zealand Institute of Chartered Accountants (NZICA) amalgamated to become one body—Chartered Accountants Australia and New Zealand (CA ANZ). CA ANZ has members in both Australia and New Zealand and the organization's strategic vision is to shape the profession of the future by developing opportunities for its members that build value for themselves, their clients and the communities in which they live in.

In addition to being an IFAC Member, CA ANZ is a member of the Confederation of Asian and Pacific Accountants and an associate member of the ASEAN Federation of Accountants. 

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Statements of Membership Obligation (SMO)

The Statements of Membership Obligations form the basis of the IFAC Member Compliance Program. They serve as a framework for credible and high-quality professional accountancy organizations focused on serving the public interest by adopting, or otherwise incorporating, and supporting implementation of international standards and maintaining adequate enforcement mechanisms to ensure the professional behavior of their individual members.

Last updated: 11/2018
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SMO Action Plan

Status of Fulfillment by SMO

  • SMO 1: Quality Assurance

    In New Zealand, the Financial Market Authority (FMA)—the audit oversight regulator—and two accredited bodies, CA ANZ and CPA Australia, share responsibility for carrying out quality assurance (QA) reviews. The FMA is authorized to review all audits of all public accountable entities while the accredited bodies implement review procedures for their respective members.

    CA ANZ operates a Quality Review Program which, as reported in its SMO Action Plan, fulfills the SMO 1 requirements. CA ANZ indicates that its QA review program is a risk-based model and that it has tailored the program and review approaches to meet differing sizes, structures, and engagements of practices and avoid duplication with other regulators.

    For example, for its reviews of audit practices of major and mid-tier firms—which are also subject to FMA inspections—CA ANZ will have a reviewer visit the practice and confirm that internal processes are effective by:

    reviewing the practice’s internal review approach, and findings and actions; andreviewing the FMA inspection report and the practice’s action plan.

    The practice is advised of any quality control deficiencies found during the review and any remedial action required. By taking this approach, CA ANZ is not duplicating existing file reviews conducted by the regulator.

    For other practitioners and practices that are not regularly subject to FMA’s QA review procedures, CA ANZ will have a reviewer visit the practice, conduct on-site reviews, and submit a results letter outlining any deficiencies and remedial action required. Finally, CA ANZ is planning to pilot an online review of non-assurance engagements for sole practitioners conducting a micro practice where the practitioner could complete an online questionnaire in order to self-assess quality control practices.

    CA ANZ’s Quality Review Manager is charged with ensuring that quality reviewers are trained and competent to carry out reviews. CA ANZ reviewers are accredited after a mandatory training program.

    CA ANZ provides a variety of guidance on QA reviews in order to support its members’ preparation, improvement, and maintenance of professional standards. All review documentation, including questionnaires, are available for members on the CA ANZ website. Additionally, CA ANZ publishes an annual report that summarizes the results of the QA reviews which is shared with members via its online library and during training seminars.

    CA ANZ indicates that the strategic direction, content, and policies of the QA review program are monitored by its Quality Review Committee. The committee is tasked with reviewing the QA review system every three years and benchmarking it against SMO 1 and other QA review programs in the jurisdiction.

    CA ANZ is encouraged to confirm the FMA QA review system complies with the best practices of the SMO 1.

    Current Status: Sustain

  • SMO 2: International Education Standards

    Educational requirements for the accountancy profession in New Zealand are established by the Auditor Regulation Act 2011 and at the professional level. Universities, the Financial Market Authority (FMA), CA ANZ, and CPA Australia have a role in setting and implementing initial and continuing professional development requirements (IPD and CPD, respectively) for professional accountants.

    The FMA only recognizes CA ANZ and CPA Australia as accredited bodies and requires auditors to complete at least 120 hours of CPD activities over a three-year period.

    CA ANZ offers three professional designations: Chartered Accountants (CA), Associated Chartered Accountants (ACA) and Accounting Technicians (AT), which CA ANZ reports incorporate the requirements of the revised IES. Individuals who wish to earn the CA designation must hold an accountancy degree from an accredited university and complete CA ANZ’s CA Program. The CA Program comprises five modules including four technical modules and a final Capstone module and incorporates both online and face-to-face learning. As part of the CA Program, candidates must also complete three years’ practical experience with an Approved Training Employer (ATE). CA ANZ has developed a Practical Experience Logbook that outlines competencies, both technical and non-technical, that all candidates must be able to demonstrate upon completion of their work experience. A final mentor report must be submitted with the membership application that confirms individuals have obtained these skills.

    To be eligible for the CA ANZ ACA or AT designations, individuals must: (i) have a four year of approved degree-level study at an approved tertiary university; (ii) complete and approve the professional competency program; (iii) two years of practical experience, one of which is with the supervision of a mentor in an accredited training organization; and (iv) pass the professional ethics course.

    Finally, all CA ANZ members must adhere to CPD obligations as outlined in CA ANZ Regulation 7. CA ANZ conducts an annual random audit for a sample of its members to ensure that members are meeting these requirements. In addition, the CPD records for members holding a Certificate of Public Practice, are reviewed during their quality review. CA ANZ develops and implements annual events and CPD calendar that offers a range of training activities on key topics such as audit and assurance, financial reporting, tax, ethics and integrity, and leadership. Courses are offered online and in-person to support its’ members continuing education.

    In 2015, CA ANZ released revised Professional Accreditation Guidelines for accounting degree programs in Australia and New Zealand to align with updated IES 2 and IES 3 technical competence and professional skill requirements. The institute conducts annual and five-yearly review cycle of accredited Australian and New Zealand accounting degrees to ensure appropriate coverage of required competency areas. Additionally, each of its Programs modules is annually reviewed and updated for developments in learning and accounting by the Academic Module Chair and Member Advisory Panel. CA ANZ states it has adopted adaptive learning modules and simulations and continually amends learning and assessment activities to reflect topical issues.

    Current Status: Sustain

  • SMO 3: International Standards on Auditing

    The New Zealand Auditing and Assurance Board (NZAuASB), under the delegation of the External Reporting Board (XRB), sets auditing standards for all auditors. The NZAuASB has adopted New Zealand Auditing and Assurance Standards (NZAuAS) which are fully converged with ISA.

    CA ANZ is committed to supporting the ongoing adoption and implementation process of ISA. In this regard, CA ANZ reports that it is involved in consultations on any issues arising and that it provides input into NZAuASB’s issuance of standards and guidance statements. Additionally, CA ANZ notes that it regularly liaises with the New Zealand member of the IAASB to provide feedback on standard developments.

    To support its members with implementation, CA ANZ provides online resources dedicated to audit and assurance topics to help members stay up to date on current audit and assurance trends, developments and regulatory requirements. These resources include newsletters, technical articles, and tools for new auditor reporting and professional skepticism. Furthermore, CA ANZ states that it has an integrated continuing professional development program for audit practitioners that includes online and in-house training and it affirms that its training is regularly enhanced to include material and content on new standards.

    Current Status: Sustain

  • SMO 4: Code of Ethics for Professional Accountants

    Ethical requirements for professional accountants in New Zealand are established by the New Zealand Auditing and Assurance Board (NZAuASB), under the delegation of the External Reporting Board (XRB)—for auditors, CA ANZ, and CPA Australia, for their respective members. Both NZAuASB and CA ANZ report that they have adopted Codes of Ethics that are in line with the 2018 IESBA Code of Ethics.

    CA ANZ employs several awareness and training initiatives to support its members in understanding and applying ethical requirements. This includes online and in-person training on ethics and governance; access to resources and tools, including an info-sheet on NOCLAR, conflict of interest and bribery and corruption; disseminating newsletters and technical articles; and updating its CA Program accordingly. In addition, CA ANZ offers two support services to members who are facing professional and ethical challenges. CA ANZ’s Professional Standards team operates a telephone service to talk through issues and queries and offer practical advice to help manage ethical concerns or dilemmas in the workplace. CA ANZ also offers a Chartered Accountants Advisory Group for more specialized support. CA ANZ will monitor questions raised during these calls.

    CA ANZ reports that it is active in supporting the NZAuASB’s adoption process by responding to consultations and proposed changes as well as by submitting comments to exposure drafts issued by the NZAuASB and the IESBA. CA ANZ, in collaboration with CPA Australia, nominated an IESBA member and technical advisor and will liaise with these representatives to monitor developments to the IESBA Code of Ethics.

    Current Status: Sustain

  • SMO 5: International Public Sector Accounting Standards

    The New Zealand Accounting Standards Board (NZASB) under the delegation of the External Reporting Board (XRB) has the responsibility for adopting public sector accounting standards. The NZASB has adopted national accounting standards based on IPSAS.

    CA ANZ reports that it supports the NZASB’s activities in aligning the national standards with the IPSAS where appropriate. CA ANZ provides input to NZASB and IPSASB-issued exposure drafts and notes it also supports the IPSASB board member nominated by XRB.

    Furthermore, CA ANZ has created a new internal role dedicated to supporting members in the public sector with the application of the standards. CA ANZ also issues biweekly newsletters, provides tools and resources in its online library, and shares articles highlighting opportunities for chartered accountants within the public sector.

    Current Status: Sustain

  • SMO 6: Investigation and Discipline

    Investigative and disciplinary (I&D) procedures for professional accountants in New Zealand are carried out by the Financial Market Authority (FMA), CA ANZ, and CPA Australia, the two accredited bodies by the FMA. The FMA has the responsibility for carrying out these procedures for auditors while the professional accountancy organizations (PAOs) implement I&D systems for their respective members. The FMA delegates the I&D processes to the accredited body that issued the license of the auditor. CA ANZ and CPA Australia report that they I&D systems fulfill the requirements of the SMO 6.

    CA ANZ has established a Professional Conduct Committee (PCC) to receive and investigate complaints and subsequently determine if they should be referred to the Disciplinary Tribunal. Both the PCC (by consent) and Disciplinary Tribunal may issue sanctions. Disciplinary Tribunal hearings and decisions are public and may be appealed to the Appeals Tribunal. When a complaint is not referred to the Disciplinary Tribunal, the member and complainant may seek a review by the Reviewer. The Reviewer is an independent lawyer who can assess the decision and process of the PCC based on available information and can make recommendations or tell the PCC to reconsider its decision.

    CA ANZ reports that reviews of its system are done regularly by an independent Professional Conduct Oversight Committee that it established in 2014. More detailed information CA ANZ’s I&D procedures can be found here.

    CA ANZ provides the public with access to a complaint form as well as information sheets for those filing a complaint and for its members so that they may know what to expect when handling a complaint.

    Following an external review, new by-laws were introduced on July 28, 2016. These new by-laws provided several changes to the complaints and disciplinary process to improve:

    the experience of members who have a complaint made against them;the governance of CA ANZ’s disciplinary framework; andthe alignment between the Australian and NZICA’s disciplinary framework.

    CA ANZ is encouraged to confirm the FMA I&D processes complies with the best practices of the SMO 6.

    Current Status: Sustain

  • SMO 7: International Financial Reporting Standards

    The New Zealand Accounting Standards Board (NZASB), under the delegation of the External Reporting Board (XRB), sets accounting standards for all companies. There are two tiers of reporting requirements for preparing general purpose financial statements of for-profit entities with Tier 1—New Zealand IFRS (NZ IFRS), which are fully converged with IFRS and Tier 2—NZ IFRS Reduced Disclosure Regime (NZ IFRS RDR), based on the IFRS for Small- and Medium-sized entity Entities (SMEs) standard.

    CA ANZ reports that its role in the area of accounting standards is to support the implementation of applicable standards by its members.

    CA ANZ assists its members with resources, such as tools and templates, related to financial reporting in addition to offering in-person and online continuing professional development training that covers financial reporting topics and detailed coverage of the latest standards. CA ANZ also shares information electronically on standard updates through its e-newsletter, Acuity magazine, technical articles, and email communications to further raise awareness. CA ANZ also actively advocates for and encourages the practice of integrated reporting.

    Regarding supporting standard-setting processes, CA ANZ notes that it regularly responds to IASB exposure drafts and discussion papers and will seek its members’ input prior to submission.

    Current Status: Sustain


IFAC bears no responsibility for the information provided in the SMO Action Plans prepared by IFAC member organizations. Please see our full Disclaimer for additional information.



Chartered Accountants House, Level 7
50 Customhouse Quay
New Zealand
Tel: +64 4 474 7840
Fax: +64 4 473 6303


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