NZAuASB Meeting 5 September 2018

Event Date 05 September

Date And Time

Location:
Heritage Hotel
35 Hobson Street
Auckland

This event has already taken place.

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The NZAuASB took the opportunity to meet with practitioners from audit firms to discuss the audit environment and any issues arising with the auditing and assurance standards.  The Board would like to thank those who participated in the discussion for the valuable discussion points raised and looks forward to maintaining an ongoing dialogue into the future.

Other highlights included:

  • Approval of the Strategic Action plan for the 2018/2023 period
  • Tentative agreement that the Board will approve ISA (NZ) 540 (Revised) Auditing Accounting Estimates and Related Disclosures with no compelling reason changes at the October meeting
  • Discussion on matters to raise in the NZAuASB’s response to ED ISA 315 Identifying and Assessing the Risks of Material Misstatement
  • Agreement to establish a working group to explore a project to develop an alternative engagement for small not-for-profit entities
  • Agreement to develop a New Zealand exposure draft to update NZ SRE 2410 Review of Financial Statements Performed by the Independent Auditor of the Entity to align with the revised auditor reporting requirements, excluding key audit matters.