The Institute of Chartered Accountants has created an alliance with its Australian counterpart, in a project aimed at aligning standards and training
The two bodies have already aligned their IT systems, and plan to standardise their training and qualifications by 2012. Work is also under way on joint marketing activities and the development of member products.
The New Zealand and Australian governments are working to create a single economic market, which will harmonise accounting and auditing standards on both sides of the Tasman.
The chief executive of the New Zealand Institute of Chartered Accountants, Terry McLaughlin, says the two bodies discussed the idea of a full merger but opted instead to create a joint governance board that will oversee the collaboration.
Mr McLaughlin says harmonisation will benefit not only accountants but the wider business community as well.
He says both bodies may consider a full merger in a few years' time.