NZAuASB Update #4

This NZAuASB Update provides you with an overview of the New Zealand Auditing and Assurance Standards Board’s recent activities, any new standards or FAQs, as well as other matters of interest.

  

New assurance publications released


AuditingReviewOther Assurance


New assurance booklets coversOur recent research looks at what drives small charities to obtain assurance over their financial statements, plus we've put out a useful guide for those who require an assurance engagement by law, regulation or policy. 

Read more


In case you missed it…


Professional & Ethical


Amendments to the auditor rotation requirements issued

The NZAuASB has issued Long Association and Public Interest Entity Amendments

The amendments are effective for periods beginning on or after 15 December 2018.

We encourage auditors and audit firms to start planning for an extended cooling off period for all clients that are public interest entities.

We have produced comprehensive Frequently Asked Questions to highlight, illustrate or explain aspects of the revised partner rotation regime.

Go to the FAQs


Have your say…


Professional & Ethical


IESBA consultation on 2019-2023 strategy and work plan

The IESBA is seeking public comment by 16 July 2018 on its Proposed Strategy and Work Plan, 2019-2023.

This is an important opportunity for New Zealand stakeholders to share their views on how the topics should be prioritised, recognising that the New Zealand Auditing and Assurance Standards Board’s (NZAuASB) strategic objective is to adopt international standards where they are generally applicable and appropriate in the New Zealand context, and therefore, the NZAuASB’s work plan is directly linked to the IESBA’s work plan.

You can either respond directly to the IESBA, and/or you can share your views with the NZAuASB.

The NZAuASB will consider all responses when submitting its response to the IESBA.

Read more and access the survey here

IESBA seeks feedback on professional scepticism


Professional & Ethical


The IESBA is seeking feedback by 15 August 2018 on its consultation paper Professional Skepticism – Meeting Public Expectations.

In response to regulatory and other stakeholder feedback on the topic, the paper explores:

  1. The behavioural characteristics comprised in professional scepticism;
  2. Whether all professional accountants should apply these behavioural characteristics; and
  3. Whether the International Code of Ethics for Professional Accountants (including International Independence Standards) should be further developed to address behaviours associated with the exercise of appropriate professional scepticism.

You can either respond directly to the IESBA, and/or you can share your views with the NZAuASB.  The NZAuASB is seeking feedback by 9 July 2018.

The NZAuASB will consider all responses when submitting its response to the IESBA.

Read more and access the consultation paper here


This NZAuASB Update is intended to provide subscribers with a summary of the recent activities of the New Zealand Auditing and Assurance Standards Board (NZAuASB). Links to websites are correct at the time of publication. Subscribers should not rely on this newsletter as a definitive publication of updates. The External Reporting Board and its sub-Board the NZAuASB do not guarantee, and accept no legal liability whatsoever arising from or connected to, the accuracy, reliability, currency, timeliness or completeness of this newsletter. The information contained in this newsletter does not constitute advice and should not be relied upon as such.