Assurance and Professional & Ethical Standards based on either IAASB or IESBA pronouncements

New Zealand Auditing & Assurance Standards are based on the international standards issued by the International Auditing and Assurance Standards Board (IAASB) or the International Ethics Standards Board for Accountants (IESBA) and are in most cases substantively identical to the international standards on which they are based.

The process set out in EG Au2 shows how the NZAuASB develops and issues Auditing & Assurance Standards based on IAASB and IESBA standards and is aligned with the international process for issuing standards.

The steps in the diagram below refer to the steps in the commentary in EG Au2.

Flowchart showing international assurance standard setting process