NZAuASB Meeting 4 June 2025

Key Highlights

At the June meeting, the NZAuASB:

• approved International Standard on Auditing (New Zealand) for Audits of Financial Statements of Less Complex Entities (ISA (NZ) for LCE).
• approved a consultation document and exposure drafts related to sustainability assurance, independence and ethics for sustainability assurance engagements and using the work of an external expert for all assurance engagements.
• approved ISA (NZ) 570 (Revised 2024) Going Concern subject to any conforming changes pending from narrow scope amendments as a result of revisions to the definitions of listed entity and public interest entity. The issue of this standard is expected later in the year.
• discussed the draft submission in response to IESBA’s consultation document Collective Investment Vehicles and Pension Funds – Auditor Independence, subject to any New Zealand submissions received.
• approved a joint NZAuASB/AUASB project plan to revise EG AU 8 Audit Implications of the Use of Service Organisations for Investment Management Services.
• discussed the draft submission in response to the exposure draft Proposed Narrow-Scope Amendments to IAASB Standards Arising from the IESBA’s Using the Work of an External Expert Project,  subject to any New Zealand submissions received.