The IAASB has issued Proposed Conforming Amendments to the IAASB’s Other Standards and Framework Due to the New and Revised Quality Management Standards.
The exposure draft aligns the IAASB’s standards related to review, assurance and related services, as well as its framework, with the quality management standards through conforming amendments.
This will ensure the IAASB’s international standards continue to be applied as intended. The proposed changes will also modify IAASB standards to reflect aspects of the new quality management approach and emphasize the importance of firm-level quality management to consistent quality engagements.
This is an important opportunity for you to have your say about these international proposals.
The NZAuASB’s strategic objective is to adopt international auditing and assurance standards. Generally, once a standard has been issued by the IAASB, the NZAuASB then issues the New Zealand equivalent standard. This is usually without further consultation, unless compelling reasons have been identified to amend the standard for use here in New Zealand.
Your comments on the IAASB ED addressing changes in the review, assurance and related services standards to align with the quality management standards will not only help us inform our submission to the IAASB, but importantly, it will also provide valuable input and assist us when aligning the equivalent standards in New Zealand with the new and revised quality management standards.
The NZAuASB will consider all feedback when submitting its response to the IAASB.
Accessing the Consultation Documents
Commenting on the Proposals
The NZAuASB encourages you to read the Exposure Draft and accompanying explanatory memorandum, and to comment on the proposals.
- Share your views with the NZAuASB – both formal and informal –by 10 May 2021 (using the online form below); or
- Respond directly to the IAASB by 24 May 2021.
Upload your submission here
Please use this secure online form.
It has been designed to make your upload safe, quick and easy.
- Upload an MS Word document (and a PDF file, if you wish); or
- Write your comments below in the space provided.
You can upload up to TWO documents.
We would appreciate receiving a copy of your comments in electronic form (preferably Microsoft Word format). This helps us to more efficiently collate and analyse comments. Please also specify the exposure draft number and title in your electronic file.
Tell us on whose behalf you are making the comments (for example on behalf of a group or an entity).
We intend publishing all comments on the XRB website, unless they may be defamatory. If you have any objection to this, we will not publish them. However, they will remain subject to the Official Information Act 1982 and, therefore, may be released in part or in full. The Privacy Act 1993 also applies.
If you have an objection to the release of any information contained in your comments, we would appreciate you identifying the parts of your comments to be withheld, and the grounds under the Official Information Act 1982 for doing so (for example, that it would be likely to unfairly prejudice the commercial position of the person providing the information).