NZAuASB Update 10/2019
|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.|
Wednesday 24 July 2019
Highlights included consideration of:
- The IAASB’s discussion paper Audits of Less Complex Entities
- New Zealand compelling reason changes to the IAASB’s quality management proposals
- New Zealand conforming amendments to the auditing and assurance standards
- Consideration of matters raised by the FMA
Webinar – Audits of Less Complex Entities
As part of the NZAuASB’s outreach plan to receive feedback on the IAASB’s discussion paper, Audits of Less Complex Entities we are holding a 45 minute webinar on Thursday 15 August 2019, from 12 pm to 12.45 pm.
We are looking to further understand the challenges you face in using the ISAs in audits of less complex entities, and for your views about possible actions to address the challenges.
This is an exciting project and an excellent opportunity for you to be part of addressing the challenges in auditing less complex entities.
The webinar will cover the discussion paper and include a number of polls to allow you to express your views.
Global Ethics Board Proposes changes to promote role and mindset expectations of professional accountants
Professional & Ethical
The International Ethics Standards Board for Accountants (IESBA) is proposing changes to the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code) to promote the role and mindset expected of all professional accountants.
Have a look
The proposed revisions respond to stakeholder calls for the IESBA to explore whether and how the Code could contribute to strengthening the application of concepts underlying professional scepticism by all professional accountants.
Among other matters, the proposals:
- Highlight professional accountants’ wide-ranging role in society and the relationship between compliance with the Code and a professional accountant’s responsibility to act in the public interest;
- Include enhancements to the robustness of the fundamental principles of integrity, objectivity and professional behaviour;
- Further strengthen the Code through requiring professional accountants to have an inquiring mind when applying the conceptual framework; and
- Highlight the importance of being aware of bias and having the right organisational culture.
The proposals were developed in coordination with the International Auditing and Assurance Standards Board and the International Accounting Education Standards Board.
Your views on the international proposals are important, as the finalised proposals will affect all professional accountants in New Zealand.
We are committed to adopting the International Code of Ethics for assurance practitioners, while ensuring those standards reflect our New Zealand conditions. This ensures we remain internationally competitive.
Your views are important to help inform us when developing our response to the IESBA, and when considering whether there are any compelling reasons for the proposals to be modified for application in New Zealand.
If we have not identified any compelling reasons for modifications to the IESBA’s proposed changes to the Code, and the IESBA finalises the exposure draft as is, we will issue equivalent revisions to PES 1 International Code of Ethics for Assurance Practitioners (including International Independence Standards) (New Zealand) with minimal changes only to reflect references, language and grammatical conventions used in New Zealand.
This IESBA exposure draft is therefore your opportunity to comment on PES 1 that will be issued in New Zealand. However, if we do identify compelling reason amendments to the international proposals, we will issue a NZAuASB exposure draft in New Zealand seeking your comments.
How to Comment
- Respond directly to the IESBA by 31 October 2019.
- Share your views with the NZAuASB by 10 October 2019
Have your say
AuditingReviewProfessional & Ethical
Now is your chance to have your say on the following topics:
|Audits of Less Complex Entities: Exploring Possible Options to Address the Challenges in Applying the International Standards on Auditing (ISAs)||22 Aug 2019|
|Proposed Revisions to Promote the Role and Mindset Expected of Professional Accountants||10 October 2019|
|Amendments to New Zealand Standard on Review Engagements 2410 Review of Financial Statements Performed by the Independent Auditor of the Entity||14 Oct 2019|
How can I submit my views?
Submit your documents or comments using the consultation page itself on the XRB website.
We have designed a secure online form to make your upload safe, quick and easy. The upload form will now appear with every consultation document open for comment.
We encourage you to use the new online submission process.
- Upload an MS Word document (and a PDF file, if you wish); or
- Write your comments directly in the comments field provided.
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.