NZICA 'reactive' to FMA compliance, 'aggressive' in marketing, court hears

Mon, 13 Jul 2015

By Suze Metherell July 13 (BusinessDesk) - The New Zealand Institute of Chartered Accountants was "reactive" and less engaged than its newt rival, CPA Australia, in the process of ensuring it met new legislative requirements for auditors, former Financial Markets Authority chief executive Sean Hughes told the Wellington High Court in the defamation case brought against NZICA by CPA Australia. NZICA was exempt from gaining formal approvals from the FMA under the Auditors Regulation Act 2011, but the FMA encouraged NZICA to make a "shadow a...

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