The Effects of Globalization on Business Compliance changes in New Zealand

Governments internationally and financial institutions worldwide face an erosion of trust. To recover trust, among other measures, compliance legislation and international reporting standards have been greatly increased in response to recent financial scandals, mainly in the USA and UK, such as Enron, World Com, Martha Stewart, Lehmann Brothers, Fannie Mae and Freddie Mac, Ameriquest, Citigroup, Bear Stearns, Merril Lynch, AIG, IntercontinentalExchange, and others. The New Zealand corporate environment and corporate behaviour has been largely mirroring the behaviour and events that have taken place in the United States and United Kingdom due to New Zealand's similar style of regulation, deregulation and monitoring and enforcement regime.

Global investors demand stricter regulation and monitoring of companies as they are concerned about the return on their investments and sometimes the sound and ethical management of their investments.

Global investors demand companies they invest in are transparent and comply with tighter legislation such as to prevent fraud. To satisfy global investors New Zealand has adopted the International Financial Reporting Standard in 2005 with much more stringent compliance requirements than the previous GAAP compliance standard, to satisfy global investors need for transparency and accuracy of corporate data. On world markets a variety of legislative tools have been created to try to prevent the worst of finance and investment companies as well as markets failures.

 

New Zealand's response to international compliance trends

New Zealand has adjusted to international trends set by global examples of compliance regime malfunctions, with the view of satisfying the demands of overseas investors, and in line with the efforts of foreign countries regulatory policy developments.

 

 
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The Independent Business Foundation of New Zealand

"To promote the capability, education and development of growth orientated small to medium enterprises"

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Business Compliance Services

Business Compliance Audit

Business Compliance Obligations of Proprietors

Business Compliance Management

Compliance Management Software Solutions

Guide to useful e-government services and e-government software to assist you with compliance fulfillment

 

The New Zealand Business Compliance Portal

The web site is designed as a "one stop shop" for compliance-related information and assistance for business, including a list of compliance obligations.

www.business.govt.nz

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Business Compliance Management

(Regulatory Compliance with New Zealand Legislation)

We can help you make your business fully compliant with New Zealand business laws and regulations.

We can audit your business, and present you with a detailed compliance management program. We can also handle your compliance obligations on your behalf and file your compliance reports with the appropriate government agency.

There are dozens of pieces of legislation that business must adhere to. The legislation covers every aspect of business. It can be time consuming and complicated to become familiar with each individual Act that applies to any given business situation.

We can take the work out of compliance management, giving you the opportunity to focus on other areas of business than red tape issues and government reporting.

The most costly compliance's in 2004 were reported to arise from the Taxation Act, Health & Safety in Employment Act, Accident Compensation Act, Holidays Act, and Employment Relations Act . Small and medium sized businesses (SME's) spent as much downtime on compliance per year as larger enterprises.

 

Business Legislation

Examples of select Business Legislation's requiring ongoing Compliance Reporting: