NZAuASB Meeting 10 June 2026

At the June meeting, the NZAuASB:

— discussed concerns raised relating to reliance on controls reports by auditors of less complex entities (LCEs) and agreed to develop a consultation paper on New Zealand amendments to ISA (NZ) for LCE.

— agreed to develop guidance jointly with the AUASB on the challenges in obtaining sufficient appropriate audit evidence on the fair value of investments in externally managed unlisted funds / schemes.  The guidance will be developed separately from the revision to EG Au8 Audit Implications of the Use of Service Organisations for Investment Management Services

— approved post implementation review survey responses to the international boards on ISA (NZ) 540, Auditing of Accounting Estimates, the Restructured Code and the Non-compliance with Laws and Regulations provisions