The new auditor’s report is here


The Auditor’s Report has changed...and it impacts all entities, not just listed entities.

The new auditor’s report becomes effective for the audit of financial statements of entities for periods ending on or after 15 December 2016.

The new format impacts ALL entities and includes:

  • prominent placement of the audit opinion first, followed by the basis of opinion;
  • optional placement of the description of the auditor’s responsibilities section in an appendix or website; and
  • additional information about the responsibility to assess the use of the going concern basis of accounting.

FMC reporting entities of higher accountability

The new auditor’s report also requires the name of the engagement partner to be included in the auditor’s report of FMC reporting entities with higher accountability.

Who must report key audit matters?

Reporting key audit matters is initially only required for audits of listed entities and is to be extended to audits of unlisted FMC reporting entities of higher accountability in two years’ time.

However, early adoption is permitted and encouraged!

Where can you find guidance and resources?

To help you to know who must do what and when, we have posted an overview of key changes of the new and revised ISAs (NZ) by type of entity (showing the effective date and transitional period). 

You’ll find more resources about the new auditor’s report on our Auditor’s Report page, including the description of the auditor’s responsibilities forming part of the auditor’s report. 

Should you use the option to refer to our website rather than include the auditor’s responsibilities in the auditor’s report, please make sure that you refer to the correct webpage in your auditor’s report. There are several different pages (currently eight) describing the auditor’s responsibilities, which differ depending on the engagement circumstances.

> View the new auditor's report