NZAuASB Update #11

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 October Meeting

Board meeting figures at a table

AuditingReviewProfessional & Ethical

The next meeting will be 24 October in Wellington. 

Key agenda items include:

  • Approval of ISA (NZ) 540 (Revised) Auditing Accounting Estimates and Related Disclosures
  • Finalisation of the NZAuASB’s submission in response to the IAASB’s ED ISA 315 (Revised) Identifying and Assessing the Risks of Material Misstatement
  • Consideration of feedback received on the fatal flaw amended draft auditing standard NZ AS 1 The Audit of Service Performance Information
  • Consideration of 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.
  • Preparation for the Auckland roundtables on 30 October to inform the development of assurance guidance on extended external reporting (EER)
  • Preparation for the National Standard Setters meeting in Sydney on 5 November.

You can register to observe the meeting or access the public agenda and meeting papers on the XRB website.

Have a look

blog header

Professional & Ethical

We've just added a new blog post on our website to highlight 5 key things you need to know to prepare for the new restructured and revised Code of Ethics.

As assurance practitioners, here's a useful digest of the ethical requirements you need to be keep in mind and stay up to date with 

Have a look

Code of Ethics Webinar

Professional & Ethical

coloured blocks in a row spelling the word webinar

The 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 are also holding a webinar to provide you an overview of the key features of the proposed restructured PES 1.

Date: Thursday 18 October 2018

Time: 12:30PM–1:30PM

Register here

Help shape the future of EER assurance


The IAASB is holding a series of discussions to help shape the future of assurance over emerging forms of external reporting (EER), including one in Auckland on 30 October, from 10:00AM to 1:00PM, at the Heritage Hotel, 35 Hobson Street.

We encourage you to watch a series of short videos in advance of the event which introduces EER and the IAASB’s project.

Link to IAASB videos

These half day discussions will cover:

  • progress in the development of the first phase of draft guidance;
  • implications of the guidance for assurance engagements; and
  • assurance issues faced in the region.

The events are open to all. The IAASB wants to engage with those who prepare EER reports, assurance practitioners, regulators, standard setters, investors and other users of EER reports.

Register here

Have your say…

Have your say balloonsWe are currently consulting on the following matters set out in the tables below. 

We welcome your comments and feedback, either formal or informal, by the due dates specified.



Comments Due

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.