Public Interest Entity Amendments

The International Auditing and Assurance Standards Board (IAASB) is proposing amendments to adopt the definition of a public interest entity, as described in the Code of Ethics. This will expand the application of certain requirements in the auditing and assurance standards to public interest entities.

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In the New Zealand context, these proposals will impact on large public sector and large not-for-profit entities and their auditors.

Consultation Document: 

Exposure Draft:

We are keen to hear your views on the proposed expanded application in New Zealand.

The key questions for New Zealand include:

  • Should the same definition of a public interest entity be used across the auditing, assurance and professional and ethical standards?
  • Do you agree with the expansion of the scope of each of the key requirements including for:
    • Engagement quality review?
    • Reporting of key audit matters?

How to provide feedback

We will be holding a virtual feedback forum on 8 May (sign up here). Comments can also be sent via email to

We would appreciate any comments by 4 June.

We note that feedback to the IAASB is due by 8 April, so if you wish to share thoughts to inform the XRB’s submission to the IAASB please contact us by 15 March.

We intend on 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 2020 also applies.