The content on this page has been converted from PDF to HTML format using an artificial intelligence (AI) tool as part of our ongoing efforts to improve accessibility and usability of our publications. Note:
- No human verification has been conducted of the converted content.
- While we strive for accuracy errors or omissions may exist.
- This content is provided for informational purposes only and should not be relied upon as a definitive or authoritative source.
- For the official and verified version of the publication, refer to the original PDF document.
If you identify any inaccuracies or have concerns about the content, please contact us at [email protected].
Approval of CPA Australia qualification as an approved third country qualification
DECLARATION UNDER SECTION 1221(1)(A) COMPANIES ACT 2006 APPROVING A THIRD COUNTRY QUALIFICATION (NEW ZEALAND)
INTERPRETATION
1In this document:
- "appropriate qualification” means a professional qualification under section 1219 of the Act;
- "CAANZ” means Chartered Accountants Australia and New Zealand, an Australian registered body corporate that is governed by its Royal Charter and Byelaws;
- “CPAA” means CPA Australia Limited, an Australian registered body corporate that is a professional accounting body;
- "CPA Qualification” means a certified practicing accountant qualification awarded by CPAA to a person and where that person:
- holds an accredited degree (under the joint CPAA and CAANZ scheme) or has completed the CPAA foundation papers; and
- has passed both the Advanced Auditing and Assurance elective paper and an elective paper in either Taxation (New Zealand) or Advanced Taxation.
- “FRC” means the Financial Reporting Council Limited, being a company limited by guarantee registered in England under number 2486368.
- "recognised professional qualification” means a professional qualification under sections 1219 and 1220 of and Schedule 11 to the Act;
- "the Act" is the Companies Act 2006.
POWERS EXERCISED
2The FRC is exercising the power in section 1221(1)(a) of the Act, when it makes the declaration at paragraph 3. The power to make a declaration under section 1221(1)(a) of the Act was transferred to the FRC by regulation 7(1) of the Statutory Auditors (Amendment of Companies Act 2006 and Delegation of Functions etc.) Order 2012.
DECLARATION
3The FRC declares a person is not to be regarded as holding an approved third country qualification for the purposes of Chapter 2 of Part 42 of the Act unless they:
- hold a CPA Qualification; and
- have satisfied the condition in section 1221(1A)(b) of the Act by successfully completing an adaptation period in accordance with subsections 1221(7C) and (7D) of the Act.
4In making this declaration:
- The FRC is satisfied for the purposes of section 1221(3)(a) of the Act that the CPA Qualification together with successful completion of a period of adaptation, affords an assurance of professional competence equivalent to that afforded by a recognised professional qualification.
- The FRC is satisfied, for the purposes of section 1221(4)(a) of the Act, that the treatment those persons who are the subject of this declaration will receive as a result of it is comparable to the treatment which is, or is likely to be, afforded in New Zealand (or any part thereof) to some or all persons who are eligible to be appointed as a statutory auditor.
5This declaration is effective from 26 September 2023.
By order of the Board
Signed:
Name: Sarah Rapson
Position: Acting CEO and Executive Director of Supervision
Date: 26 September 2023