NZAuASB ED 2019-1

  • Auditing
  • Review

Amendments to NZ SRE 2410

The NZAuASB is seeking comments on NZAuASB ED 2019-1  Amendments to New Zealand Standard on Review Engagements (NZ SRE) 2410 Review of Financial Statements Performed by the Independent Auditor of the Entity.

From December 2016, the auditor’s report was changed as a result of the IAASB’s project to enhance the auditor’s report from the user’s perspective. These changes were limited to the ISAs.

Subsequently, questions have arisen, both in New Zealand and Australia, as to whether and how the new auditor reporting requirements impact the format and content of the interim review report. Currently, while NZ SRE 2410 has not been updated, auditors can, but are not required to, use the new reporting format and new features when issuing a review report provided any reporting is not inconsistent with NZ SRE 2410. 

NZAuASB ED 2019-1 proposes to promote consistency in practice by incorporating the reporting changes as a result of the auditor reporting requirements, as applicable to a review engagement. 

In addition, NZAuASB ED 2019-1 proposes conforming amendments as a result of the new ethical framework related to non-compliance with laws and regulations (NOCLAR).

NZAuASB ED 2019-1 is not proposing to reopen or fundamentally revise NZ SRE 2410, rather to make conforming amendments to the standard as a result of recent changes to the ISAs (NZ) and PES 1 (Revised). 


Commenting on the Proposal

We have written a blog which sets out two options for you to consider and seeks your preference via a short one-minute survey.

Read our blog post and respond

You can also send your comments—both formal and informal—by 14 October 2019 to the NZAuASB using the secure upload form below.


Accessing the Consultation Document

Upload your submission here

Please use this secure online form.

It has been designed to make your upload safe, quick and easy. 

You can:

  • 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. 

Please note:

  • 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).