GNR Accounting ensures compliance, assures business growth
New Zealand’s commercial sector, dominated by small businesses and owner-operated enterprises may find the services of a qualified accountant (chartered or non-chartered) to meet the new legal requirements that came into force recently.
Chartered Accountants Australia New Zealand (CA ANZ) has said that accountants must prepare for the new requirements when they encounter non-compliance with laws and regulations (NOCLAR), made effective in New Zealand on July 15, 2017.
Accountants in Australia must follow the regulations from January 1, 2018.
Duty before confidentiality
The new regulation allows accountants to set aside their duty principle of confidentiality when they come across non-compliance.
“By providing a clear pathway to reporting, the new regulation allows accountants to voice concerns about non-compliance without fears of breaching professional and ethical standards. The legislation redefines the accountants’ role when laws or regulations are broken and establishes a pathway that enables accountants to disclose NOCLAR to a public authority,” a CA ANZ notification said.
Seen as ground-breaking by many, the amendments take the unprecedented step of allowing accountants to set aside the principle of confidentiality and speak up when it appears that laws and regulations are not being followed by a client or employer.
With the NOCLAR provisions incorporated into the Australian and New Zealand Codes of Ethics, accountants need to understand the extent of their responsibilities.
The requirements do not demand accountants to have an in-depth knowledge of every law. However, they do make it clear that members of the profession have a responsibility to alert relevant authorities where illegal acts such as fraud, corruption, bribery or money laundering are suspected or uncovered during their professional work.
The two key guidelines offer clarity. Firstly, any non-compliance must have a direct and material effect on financial statements of a client or employer. Secondly, the non-compliance must be fundamental to the business and its operations. Personal misconduct unrelated to the business activities of a client or employer for instance, are not in scope. In addition, it comes down to whether there is credible evidence of serious adverse consequences to investors, creditors, employees or the public in financial or non-financial terms.
As CA ANZ said, non-compliance is a sensitive issue with the potential to create situations that are inherently challenging and stressful for accountants.
“Nonetheless, this highlights the need for all participants in the financial reporting supply chain to be mindful of the possibility of non-compliance. Once the new process is bedded down within organisations, accountants will have the surety of a clear pathway to raise their concerns without fears of breaching ethical standards,” it said.
This may not make dealing with non-compliance any easier, but it will go a long way to ensuring accountants are protected when they have acted in good faith, exercised due caution and documented any steps taken when responding to suspected or actual non-compliance.
As governments around the world are obliged to put in place a strict accounting regime to combat rising fraud and money laundering, companies would be in turn obliged to follow proper financial reporting practices. To do so, they would be required to employ qualified accountants, either in-house or outsource the service.
Auckland based GNR Accountants is one such, offering a comprehensive range of services suitable not only to large, medium and small businesses but also to owner-operated enterprises.
Partner & Principal Pradeep Singh said that no company can afford to focus all its time on resources on support functions and processes.
“That is why clients – corporate or individual – can expect specialised treatment at GNR Accountants. It is about learning who you are and what you do. You are not just another number on a spread sheet. Our clients know that when they call us with anything that is on their mind, it will be welcomed and addressed with professionalism, warmth and care. From the moment you step into our office, you will experience what it is like to be part of the GNR family,” he said.
Mr Singh and his team value compliance and understand the needs of their clients and their budget and accordingly tailor their products and services.
“We are in business to make accounting and tax simple, without compromising on quality. We pride ourselves on our commitment to supporting our clients in their growth and prosperity. We do this by providing a highly personalised service and having the most up to date information to help drive them and their business to great heights,” he said.
Established in 2015, GNR Accountants continues to build on its enviable reputation for excellent advice and quality service to business and personal clients. The Practice ensures business growth of its clients is based on sound financial advice.
“Everyone in business or earning income needs a dependable, trusted accountant who will support them with proven outsourced services so that they can focus on what matters: core business activities that achieve real, sustainable results.,” Mr Singh said.
GNR Accountants has many clients in the local community and service businesses, small and large, across many sectors including the construction industry, manufacturers, retailers, professionals and the services sector.
Highly skilled, trained and experienced, GNR Accountants is a leading business tax advisor, dedicated to delivering the best financial solutions to individuals and businesses.
“We are proud of our reputation as most trusted tax service providers and consistently stand by our promise of providing the highest quality advice on every single matter. Whether you need advice on a new or existing business structure, minimising your tax or enhancing your finances, we at GNR are ready to help with innovative, industry-focused solutions. Apart from delivering quality, accurate financial statements and tax accounting advice, we also offer a range of specialist services to improve your profitability and performance, meet auditing requirements, increase risk management, develop exit strategies and add value to your business,” Mr Singh said.
Photo Caption: Pradeep Singh