NZAuASB Update #10

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.

 

NZAuASB September Meeting


AuditingReview


Board members around table with speech bubblesThe NZAuASB met on 5 September in Auckland, taking the opportunity to meet with practitioners from the 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 ISA 315 ED 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.

You can access the public agenda and meeting papers on the XRB website.

Have a look


ISA 315 ED Q&A webinar


Auditing


photo of Fiona CampbellWe are fortunate to host a second 90-minute webinar with the Australian Auditing and Assurance Standards Board where Fiona Campbell, IAASB member and Chair of the ISA 315 Task Force will answer your questions on the proposals in the ISA 315 Exposure Draft.  This is your opportunity to have your questions answered. You can submit your questions before the event on the webinar registration form in the "Questions and Comments" field.

Date: Thursday 4 October 2018

Time: 12:30PM – 2:00PM

Register here and submit your questions 


Code of Ethics Webinar


Professional & Ethical


Code of Ethics imageThe Code of Ethics has been revised and restructured internationally and we are seeking your feedback before these changes are introduced into Professional and Ethical Standard (PES) 1.  We will be holding a webinar to provide an overview of the key features of the proposed restructured PES 1.

Date: Thursday 18 October 2018

Time: 12:30PM–1:30PM

Register here


Let's talk reporting blog header

Did you read our new blog ?

We have recently launched our new website blog—the latest chapter in XRB's communications strategy.  We aim to blog regularly about topical issues, future directions, with opinion pieces, insights and thinking about what's on our horizon.

Our first blog is a piece by XRB Chief Executive, Warren Allen, on the challenges for the XRB for the next five years, which given the uncertain environment he says is bordering on being game-changing.

Have a look

The blog feature allows readers to comment. We invite you to share your thoughts and views on the issues raised by Warren—let's make it a conversation!


Have your say...

Have your say speech bubblesWe are currently consulting on the following matters set out in the table below. 

We encourage you to send us your comments and feedback, either formal or informal, by the due dates specified.

ID

Title

Comments Due

Limited scope review draft

New Zealand Auditing Standard 1 The Audit of Service Performance Information

1 October 2018

IAASB ED

ISA 315 (Revised) Identifying and Assessing the Risk of Material Misstatement

8 October 2018 

NZAuASB ED 2018-1

Professional and Ethical Standard 1 International Code of Ethics for Assurance Practitioners, including International Independence Standards (New Zealand)

2 November 2018


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.