Drop in session 2 – ISA (NZ) for LCE
This consultation examines the possibility of adopting the ISA for LCE auditing standard, tailored to fit New Zealand conditions.
The XRB is seeking feedback from stakeholders on whether to adopt the International Standard on Auditing (ISA) for Less Complex Entities (LCE) in New Zealand.
We have heard concerns that the auditing standards are becoming increasingly complex and written in the context of highly regulated, large, listed entities. In New Zealand, the type of entities that are required to have an audit varies considerably. There are many LCEs that have audits, including charities, sports clubs, schools and early childhood centres.
The ISA for LCE is a stand-alone auditing standard available for auditors to use when auditing less complex entities. The standard contains all requirements necessary to obtain reasonable assurance about whether the financial statements of a less complex entity, as a whole, are free from material misstatements, whether due to fraud or error.
We are hosting a series of one-hour drop-in sessions to obtain feedback on the ISA for Less complex entities (LCE) auditing standard.
The purpose of these sessions is for you to share your views on the questions raised on page 16 of the consultation document, including:
- whether auditors will use the International Standard on Auditing (ISA) for Less Complex Entities (LCE) in New Zealand.
- whether the XRB should adopt this standard.
- the applicability of the proposed standard in New Zealand.
- whether or not, and how to incorporate the audit of service performance information within the New Zealand Standard.
Register for your preferred date below. All sessions will run from 12.30pm - 1.30pm.
We are also holding a virtual feedback forum for preparers and users of financial statements, a virtual feedback forum for auditors and a panel forum – links are on our consultation page.
14
February
Starts In
Date And Time