A report which details the findings of a follow-up performance audit carried out by the Office of the Auditor-General to assess the effectiveness and efficiency of arrangements to repair Christchurch's horizontal infrastructure.
A report which details the findings of a performance audit carried out by the Office of the Auditor-General to assess the effectiveness and efficiency of arrangements to repair Christchurch's horizontal infrastructure.
An audit of the Earthquake Commission's quake repairs in Christchurch has found many dissatisfied home owners and others being left in the dark.
An example of a checklist used by SCIRT traffic management teams to perform site checks.
There has been little discussion of what archival accounting evidence can contribute to an understanding of a society’s response to a natural disaster. This article focuses on two severe earthquakes which struck New Zealand in 1929 and 1931 and makes two main contributions to accounting history. First, by discussing evidence from archival sources, it contributes to the literature on accounting in a disaster. This provides a basis for future theory building and for future comparative research related to the response to more recent natural disasters such as the 2010–11 Canterbury earthquakes. Secondly, it questions the conclusions of recently published research concerning the role of central and local government in this and recent earthquakes.
A video of a press conference with Christchurch Mayor Lianne Dalziel and Raf Manji, Chair of the Christchurch City Council Finance Committee, about the KordaMentha report. KordaMentha is an independent auditing firm which specialises in insolvencies and corporate recovery. The report analysed the Christchurch City Council's three year budgeting plan and the financial strategies that lay behind it. Much of this budget dealt with the challenges in Christchurch caused by the 2010 and 2011 earthquakes. Dalziel talks about the cost of mending Christchurch's infrastructure, the Council's insurance settlement, and the need to address the findings in the report. Manji talks about the Council's financial options following the report.
The New Zealand Shipping Federation says the government needs to take the resilience of ports seriously as the Kaikoura earthquake has shown the vulnerability of roading - and consider what their role is when auditing them. Annabel Young is the Executive Director of the NZ Shipping Federation. Canterbury University Professor of Geological Sciences Tim Davies, says improving and increasing the transport network through coastal shipping is essential.
The Canterbury earthquakes of 2010 and 2011 have shone the spotlight on a number of tax issues. These issues, and in particular lessons learned from them, will be relevant for revenue authorities, policymakers and taxpayers alike in the broader context of natural disasters. Issues considered by this paper include the tax treatment of insurance monies. For example, building owners will receive pay-outs for destroyed assets and buildings which have been depreciated. Where the insurance payment is more than the adjusted tax value, there will be a taxable "gain on sale" (or depreciation recovery income). If the building owner uses those insurance proceeds to purchase a replacement asset, legislative amendments specifically enacted following the earthquakes provide that rollover relief of the depreciation recovery income is available. The tax treatment of expenditure to seismically strengthen a building is another significant issue faced by building owners. Case law has determined that this expenditure will usually be capital expenditure. In the past such costs could be capitalised to the building and depreciated accordingly. However, since the 2011-2012 income year owners have been prohibited from claiming depreciation on buildings and therefore currently no deduction is available for such strengthening expenditure (whether immediate or deferred). This has significant potential implications for landlords throughout New Zealand facing significant seismic retrofit costs. Incentives, or some form of financial support, whether delivered through the tax system or some other mechanism may be required. International Financial Reporting Standards (IFRS) require insurance proceeds, including reimbursement for expenditure of a capital nature, be reported as income while expenditure itself is not recorded as a current period expense. This has the effect of overstating current income and creating a larger variation between reported income for accounting and taxation purposes. Businesses have obligations to maintain certain business records for tax purposes. Reconstructing records destroyed by a natural disaster depends on how the information was originally stored. The earthquakes have demonstrated the benefits of ‘off-site’ (outside Canterbury) storage, in particular electronic storage. This paper considers these issues and the Inland Revenue Department (Inland Revenue) Standard Practice Statement which deals with inter alia retention of business records in electronic format and offshore record storage. Employer provided accommodation is treated as income to the benefitting employee. A recent amendment to the Income Tax Act 2007 retrospectively provides that certain employer provided accommodation is exempt from tax. The time aspect of these rules is extended where the employee is involved in the Canterbury rebuild and comes from outside the region.
The policing of building safety systems is being cut back nationwide. The Ministry of Business, Innovation and Employment is reducing its monitoring of the building warrants of fitness scheme that covers 16 crucial safety systems including fire measures. This coincides with it having to do more checks on what councils are doing regarding fences around pools and earthquake-prone buildings. The cutback is despite ministry reviews which show many councils do little to audit the building warrants they issue. An inspector of building safety systems and adviser on warrants, Charlie Loughnan of Canterbury, told our reporter Phil Pennington that less monitoring is not a good idea.
A selection of the week's news including a former New Zealand cricketer demanding answers over how his name has been linked an investigation into match-fixing, the Act Party leader announces he is quitting as party leader and will leave parliament next year, the biggest drug haul in New Zealand history, the Auditor General apologises to Mangawhai locals for Audit New Zealand's failure to identify a 60 million-plus waste-water debacle, the Labour Party says its victory in the Christchurch East by-election is an indictment of the Government's response to the earthquakes, we hear from the author of a book about the building blocks of our words and literature and the national champion who will proudly represent New Zealand at an international competition in Perth.
Meeting the Sustainable Development Goals by 2030 involves transformational change in the business of business, and social enterprises can lead the way in such change. We studied Cultivate, one such social enterprise in Christchurch, New Zealand, a city still recovering from the 2010/11 Canterbury earthquakes. Cultivate works with vulnerable youth to transform donated compost into garden vegetables for local restaurants and businesses. Cultivate’s objectives align with SDG concerns with poverty and hunger (1 & 2), social protection (3 & 4), and sustainable human settlements (6 & 11). Like many grant-supported organisations, Cultivate is required to track and measure its progress. Given the organisation’s holistic objectives, however, adequately accounting for its impact reporting is not straightforward. Our action research project engaged Cultivate staff and youth-workers to generate meaningful ways of measuring impact. Elaborating the Community Economy Return on Investment tool (CEROI), we explore how participatory audit processes can capture impacts on individuals, organisations, and the wider community in ways that extend capacities to act collectively. We conclude that Cultivate and social enterprises like it offer insights regarding how to align values and practices, commercial activity and wellbeing in ways that accrue to individuals, organisations and the broader civic-community.
DAVID SHEARER to the Prime Minister: Does he stand by all his statements in relation to Kim Dotcom and the inquiry into the actions of the Government Communications Security Bureau? METIRIA TUREI to the Minister for Social Development: Does she have confidence that the Ministry of Social Development can keep private information it holds confidential? KATRINA SHANKS to the Minister of Finance: What are the main features of the Government's plan to build a more competitive economy based on more savings, higher exports and less debt? JACINDA ARDERN to the Minister for Social Development: Has the Ministry of Social Development competently managed the private information in its charge? Peseta SAM LOTU-IIGA to the Minister for Social Development: What children will the White Paper for Vulnerable Children be targeting? CHRIS HIPKINS to the Minister of Education: What specific criteria were used to determine whether a school in Christchurch was identified for restoration, consolidation or rejuvenation? Dr RUSSEL NORMAN to the Minister responsible for the GCSB: What were the dates of the three cases that the Government Communications Security Bureau audit highlighted, because they could not assure him "that the legal position is totally clear", as referred to in his statement of 3 October 2012? Rt Hon WINSTON PETERS to the Prime Minister: Does he stand by his answer to my Question for Written Answer 3326 (2012)? Hon LIANNE DALZIEL to the Minister of Civil Defence: Why did he reject the independent Civil Defence Emergency Management earthquake review's recommendation, which was made in response to the finding that duplication of control was "not only inefficient but put people and property at risk", and that "the same situation could arise in a number of different parts of New Zealand"? MIKE SABIN to the Minister of Veterans' Affairs: What is the Government doing to improve the support and recognition given to veterans? GRANT ROBERTSON to the Prime Minister: Does he have confidence in Hon John Banks; if so, why? NICKY WAGNER to the Minister responsible for the Earthquake Commission: What is the objective of the Government review of the EQC?