Auditors in the Govt's sight

Three "workstreams" which will affect accountants and auditors will move to a new phase over the next month.

Leading the pack is a paper which Minister of Commerce Simon Power is to take to Cabinet on oversight of auditors.

The previous government carried out some work on this area but then put the whole issue on hold in 2007 - a decision opposed not only by the Securities Commission but also by the "Big Four" accounting firms.

The other two areas of work are two discussion documents.

One is on auditor liability:  "whether it should still be appropriate for auditors to be exposed to joint and several liability or not," says Ministry of Economic Development official Geoff Connor.

The other is a re-write of the financial reporting framework.

The aim is for the Cabinet to consider these, plus a fourth paper on changes to the rules governing directors of trustee companies, together, Connor says.

All are planned to go to Cabinet "in the first half of August, if things are going really well," he says.

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