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NZICA issues revised Code of Ethics

The New Zealand Institute of Chartered Accountants (NZICA) has issued a revised Code of Ethics and made amendments to its professional engagement standards.

The revision tends to align NZICA's Code of Ethics with the New Zealand Auditing and Assurance Standards Board's rules, effective from 1 January 2014.

The International Federation of Accountants' Code forms the basis of the revisions, along with New Zealand-specific additions and will substitute the current 'Code of Ethics: Independence in Assurance Engagements'.

NZICA said firms will not be forced to make significant systems changes following the introduction of the code but recommended reviewing their quality control procedures in anticipation of the new code, which may require it.

According to the institute, the current code uses a rule and applications guidance approach whereas the new one will use a threats and safeguards model.

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The New Zealand Institute of Chartered Accountants

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