NZAuASB ED 2019-2

  • Auditing

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.  


Accessing the Consultation Document

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.


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).