Description of the auditor’s responsibilities

Paragraph 41(c) of ISA (NZ) 700 (Revised) allows the description of the auditor’s responsibilities to be moved out of the auditor’s report and referred instead to a website of an appropriate authority. 

Therefore, in New Zealand auditor reports, the “Auditor’s Responsibilities for the Audit of the Financial Statements” section of an auditor’s report can cross refer to one of the eight pages in the table below setting out the auditor's responsibilities applying to the context of the audit engagement.  


Group audit

Not a group audit

Key audit matters are reported

Audit of a listed issuer

(also use for FMC reporting entities considered to have a higher level of public accountability where reporting of key audit matters is early adopted)

Audit of a listed issuer

(also use for FMC reporting entities considered to have a higher level of public accountability where reporting of key audit matters is early adopted)


Audit of all other entities  (that is those entities that are not FMC reporting entities considered to have a higher level of public accountability) where the auditor voluntarily reports key audit matters Audit of all other entities  (that is those entities that are not FMC reporting entities considered to have a higher level of public accountability) where the auditor voluntarily reports key audit matters
Key audit matters are not reported
Audit of a FMC reporting entity considered to have a higher level of public accountability  - reporting of key audit matters is deferred until required in 2018 Audit of a FMC reporting entity considered to have a higher level of public accountability  - reporting of key audit matters is deferred until required in 2018

Audit of all other entities (that is those entities that are not FMC reporting entities considered to have a higher level of public accountability)  - auditor does not report key audit matters Audit of all other entities (that is those entities that are not FMC reporting entities considered to have a higher level of public accountability)  - auditor does not report key audit matters

(Please note: all of these examples assume that a fair presentation framework has been used to prepare the financial statements)

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