The purpose of accounting is to provide the information that is needed for both financial decision making and taxation issues. An accountant keeps records of financial activities to provide information about business performance. To be used by both internal and external parties, such as investors, creditors, and tax authorities. Managerial accounting is used just for internal decision making and does not have to follow any rules issued by standard-setting bodies. Financial accounting, on the other hand, is performed according to Generally Accepted Accounting Principles (GAAP) guidelines.
In New Zealand, there are two local accountancy bodies the New Zealand Institute of Chartered Accountants (NZICA) and the New Zealand Association of Certified Public Accountants (NZACPA) the operating name of New Zealand Association of Accountants Inc (NZAA). To audit public companies an individual must be a member of either the NZICA or an otherwise gazetted body. Chartered Certified Accountant (Association of Chartered Certified Accountants or FCCA) qualification has also been gazetted under ). An ACCA member can practice as long as they hold an ACCA public practice certificate (with audit qualification) in their country of origin (reference Wikipedia).