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April 2003 Edition----Previous Edition here

Institute of Chartered Accountants of NZ (ICANZ) Renegs on Undertaking to Submitters.

On 16 Aug 2002 the ICANZ released a document entitled “Corporate Transparency: Making Markets Work Better” inviting the public to make submissions to it on the matters therein contained. On 14 October it reminded organisations and individuals that the closing date for submissions was 16 Oct and stated that " After considering all the submissions, the Institute will present a paper outlining its detailed proposals to the Minister of Commerce and officials before the end of the year.”

No such paper has been produced and the intention to do so would appear to be shelved indefinitely.

This is despite them being “delighted with the response” with over 40 submissions being received.

In keeping with its long term cover-up policy of “pretend to listen then ignore” the Institute posted most of the submissions on its web site then invited all submitters to appear before a special committee in person so that their views could be scrutinised in more detail. These hearings were held on 9 and 10 December and then the process came to an end.

Access to the submissions and reference to the hearings were taken off the Institutes “news” index although the initial document and announcements remain there ( the submissions are or were still available on this link however)

The “Corporate Transparency” document focused on overseas accounting scandals, predominantly Enron, and what might be learned and implemented from them while a recurring theme of the submitters was that New Zealand had its own set of scandals which should receive consideration. But such arguments would seem to be too close to home.

The submitters have been deceived.

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