NZAuASB ED 2019-2
Proposed amendments to ISA (NZ) 560 Subsequent Events
The New Zealand Auditing and Assurance Standards Board (NZAuASB) has published for public comment NZAuASB ED 2019-2 Amendments: ISA (NZ) 560 Subsequent Events.
The Financial Markets Authority has raised concerns with the NZAuASB about how to ensure that investors and other stakeholders are informed in a timely manner that they cannot rely on the audit opinion, when a fact becomes known to the auditor after the financial statements have been issued that, had it been known to the auditor at the date of the auditor’s report, may have caused the auditor to amend the report.
This is important for all stakeholders in the financial reporting chain. It is in the public interest for the market and investors or other stakeholders to be informed in a timely manner that they can no longer rely on the audit opinion.
The NZAuASB proposes to amend ISA (NZ) 560 to clarify the timing of communications and possible actions the auditor may take in such circumstances.
Commenting on the Proposal
The NZAuASB encourages you to read the Exposure Draft and accompanying Invitation to Comment, and to comment on the proposals.
Send your comments – both formal and informal – by 13 December 2019 to the NZAuASB using the secure upload form below.
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