Audit evidence and risk response
Have your say on proposed changes to audit evidence and risk response standards
We are seeking feedback from auditors, professional bodies, regulators, directors, preparers, academics, investors and other users on exposure drafts issued by the International Auditing and Assurance Standards Board (IAASB) proposing revisions to three core auditing standards
What is changing and why?
The proposed revisions relate to three core audit standards:
- ISA 330, The Auditor’s Responses to Assessed Risks
- ISA 500, Audit Evidence
- ISA 520, Analytical Procedures together with conforming amendments to related standards.
The proposals further embed, clarify, and strengthen a principles-based, risk-based audit framework to support consistent, high-quality audits. They also address the increased use of technology in business, financial reporting, and auditing.
Why your feedback matters
We expect to adopt New Zealand equivalents of the final IAASB standards, with limited New Zealand-specific changes. Your feedback will help us develop the XRB’s response to the IAASB and assess whether changes are needed to make the standards fit for purpose in New Zealand.
We are particularly interested in whether the proposals are clear, proportionate and capable of consistent application.
How to have your say
Submissions to the XRB close on 11 November 2026.
You can provide feedback by written submission, online form below, email or through XRB engagement events. We also welcome informal comments.
Engagement events and recordings
The IAASB's focus page that includes a video series explaining the main changes as well as a two part webinar series explaining key proposals in ISA 330, ISA 500 and ISA 520 https://www.iaasb.org/focus-areas/strengthening-risk-based-audit-framework-proposed-revisions-isa-330-isa-500-and-isa-520
Watch our deep dive held on 6 October.
We will hold outreach events between September and November, sign-up to our audit and assurance news for more information.
IAASB User Consultation Survey
We are seeking views from users of financial statements—including investors, analysts, lenders and other creditors.
Please share your perspectives with the XRB on selected aspects of the proposals by downloading this targeted User Consultation Survey and emailing assurance@xrb.govt.nz. You can provide views on all or some of the proposals.
You can also share feedback directly with the IAASB by completing their online survey.
Accessing the Exposure drafts
Read the XRB consultation document
Read the Exposure Draft for the Audit Evidence and Risk Response Project overall
Read the proposed ISA 330 (Revised) The Auditor’s Responses to Assessed Risks
Read the proposed ISA 500 (Revised), Audit Evidence
Read the proposed ISA 520 (Revised), Analytical Procedures
Feedback form
All submissions will be published on the XRB website unless confidentiality is requested. If you object to the release of any information in your submission, please identify the specific parts and the reasons under the Official Information Act 1982. We reserve the right not to publish defamatory submissions. Submissions are subject to the Official Information Act 1982 and the Privacy Act 2020. The XRB will handle personal information in accordance with these Acts.