Reforms to accounting and auditing law currently making their way through New Zealand Parliament have been welcomed by one major industry group. CPA Australia described the changes as "crucial" and a "milestone step" in improving competition and efficiency in the sector. The Accounting Infrastructure Reform Bill received its first reading last month and chief executive of CPA Australia Alex Malley explained how it comes at a crucial time for the New Zealand economy. "The government is to be applauded for its strong commitment to these vital reforms, which will enable improved access to the profession's global expertise and build confidence in the New Zealand economy and businesses," he commented. Mr Malley also believes the changes will enable the industry to benefit from international expertise, which could help shape small business accounting in NZ over the coming years. The bill has been designed to amend the rules on who is able to perform statutory audits, while giving greater opportunities for those who are skilled in this area to carry out audits of their own. It is hoped that legislative references to a chartered accountant will be replaced with qualified statutory accountants, which should increase activity in the sector. Not only this, the bill hopes to reduce restrictions on legal form for audit firms, although every effort will be made to ensure the quality of audits remains high. It has been proposed that a requirement for the independent assurance of financial statements for medium-sized and large charities should be put into place, while giving the New Zealand Institute of Chartered Accountants greater freedom to structure itself. The New Zealand government has confirmed that these changes are proposed with the intention of supporting the aims of the Business Growth Agenda. This should result in a more efficient accounting market, which as a result will provide better business advice for firms throughout the country.