Audit of Service Performance Information Consultation
In February 2019, the XRB issued NZ AS 1 The Audit of Service Performance Information (NZ AS 1). We subsequently deferred the mandatory application date of NZ AS 1 to 1 January 2023 to explore how the standard could be applied in the public sector.
We have worked with representatives from the Office of the Auditor-General and other practitioners to develop a standard that can easily be adopted and applied in both the public sector and in the not-for-profit sector.
Our exposure draft proposing to revise NZ AS 1 is the result of that review.
Proposed changes to the current standard NZ AS 1 include:
- Alignment with the financial reporting standards
- Sector-specific material
- Simplified language and use of examples
- No added compliance costs.
View our short video providing an overview of the consultation.
Disclaimer: This presentation is based on the exposure draft and not the final standard.
Consultations closed on 17 March 2023