Icanz has reviewed code

Changes included tighter disclosure requirements, such as requiring member firms to state how much they were booking for non-audit services.

"We have put in place questions that need to be answered rather than rules. If you have a rule people find a way around it; [this way] you have to show how you are in keeping with principles."

Muriwai said he would be interested to hear Mr Sheppard's ideas about whether Icanz should be going even further, which was something it was constantly talking about and reviewing.

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