NZAuASB Update #13
|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 December Meeting
The NZAuASB will meet on 6 December in Wellington.
AuditingReviewProfessional & Ethical
The agenda includes:
- Approving PES 1, International Code of Ethics for Assurance Practitioners (including International Independence Standards) (New Zealand);
- A briefing on blockchain and assurance challenges;
- Considering issues related to the development of an assurance standard on prospective financial information;
- Initial views on a project to develop an alternative assurance engagement for smaller not-for-profit entities.
Did you know you can register to attend the meeting? You can also access the public agenda and meeting papers on the XRB website.
Updated Description of the Auditor’s Responsibilities
The reporting of key audit matters will become mandatory for all FMC reporting entities for periods ending on or after 31 December 2018.
From next month, auditors of FMC reporting entities will need to refer to Audit Report 1 (i.e. a description that includes reference to the responsibility to report Key Audit Matters). This is linked direct from the Description of the Auditor’s Responsibilities page on our website.
The description in the tables has been amended to reflect the change.
However, we have not changed the links themselves. These remain intact, so that any link included in prior auditor’s reports is not broken.
FMA publishes 2018 Audit Quality Report & Directors’ Guide
The Financial Markets Authority’s 2018 Audit Quality Monitoring Report expresses concern at the continued inconsistencies in audits provided by the same firm, while noting the overall quality of audits has improved in recent years.
Reviews have also highlighted the direct link between the quality of an audit and the quality of the financial information provided by the entity being audited.
Did you miss…
...our recent webinars on the Code of Ethics and ED ISA 315?
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.