The New Zealand Institute of Chartered Accountants (NZICA) and the Institute of Directors In New Zealand (IoD) have signed a Memorandum of Understanding (MOU) that will foster a closer working relationship.
“We believe that this agreement with NZICA will allow us to leverage each other’s strengths for the benefit of both of our memberships. Both organisations are committed to providing the best possible services for our members and we look forward to working together in areas of common interest to achieve that aim,” says IoD Chief Executive Ralph Chivers.
He says that a pooling of resources, where relevant, will strengthen advocacy of members’ interests for both organisations.
“This MOU provides us with a tangible way to lift standards of corporate governance and deliver benefits to our members,” says NZICA Chief Executive Terry McLaughlin. “It will benefit NZICA members who are directors, and members of the IoD who are seeking to increase their understanding of generally accepted accounting principles (GAAP).
“Also, with the new guidance from the Financial Markets Authority on the disclosure of non-GAAP financial information, there is an opportunity to help boards oversee other common types of financial information – and in turn increase the confidence in investors and stakeholders in the quality of information that they receive.”
The Financial Markets Conduct Bill currently before Parliament seeks to clarify the responsibilities – and liabilities – of directors.
“This is an area where there is on-going change and widespread interest in ensuring that boards have the right mix of expertise. NZICA is excited to be working alongside the IoD to deliver the resources and training demanded by members of both organisations,” he says.
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