NZAuASB Update 3/2019

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.

 

Have your say

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Now is your chance to have your say on the following topics:


Quality management

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All audit firms will need to be aware of the significant changes proposed by the International Auditing and Assurance Standards Board (IAASB) on audit quality management.

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If you’re an audit practitioner, we encourage you to attend one of these events. 

Why?

Because you'll get to hear about how this will affect you and your practice, you’ll understand the proposals and get a chance to give us feedback on possible difficulties for implementing the changes and the areas where you would need further help and guidance.

We especially want to hear from you if you are a sole practitioner or a practitioner from smaller audit firms.  We want to try and understand if and how the proposals in the draft standard can be scaled to  better fit your circumstances.  We are hosting workshops around the country especially to hear from you.

Here’s a list of our upcoming events:

  • Webinar – targets all those interested and will provide you an overview of the changes.

Watch the webinar

  • Workshops – targets SMPs to work through the details of revisions to the proposed system of quality management from your perspective.  

Auckland now closed

Tauranga now closed 

Register here for Wellington

Register here for Christchurch

  • Roundtable – targets larger audit firms so we can receive your feedback on the proposals.

Register here

We really look forward to your participating in these important events for auditors!

...and remember you can submit your views by 7 June 2019.  


Extended External Reporting

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EER encapsulates many different forms of reporting, including, but not limited to, integrated reporting, sustainability reporting and other reporting by entities about environmental, social and governance matters.

The IAASB is consulting on its progress in developing draft guidance in the first phase of its EER Assurance project.

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The IAASB particularly seeks input from those with practical experience in this evolving area of reporting, including practitioners and other experts involved in performing engagements, preparers of EER reports, investors and other users, standard setters and regulators.  We encourage all of you who attended the roundtable discussions in Auckland last year to have a look.

You can submit your views on the Consultation Paper to the NZAuASB by 24 May 2019, to assist us in developing the New Zealand response or you can submit your views directly to the IAASB by 21 June 2019.


IAASB Future Strategy & Work Plan Consultation

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a friendly reminderA friendly reminder to respond to the Future Strategy consultation as we previously reported to you.

The evolving environment in which the IAASB operates demands a strategy that reflects—among others—changing technology; a dynamic small- and medium-sized entity landscape; and emerging reporting needs.

In its Proposed Strategy for 2020–2023 and Work Plan for 2020–2021, the IAASB proposes a way forward that it believes meets both stakeholders’ evolving needs and is in the public interest.

Have a look

Comments are due with us by 24 May 2019.


How can I submit my views?

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We have recently transformed the way you can provide feedback on documents we put out for consultation.

You can now submit your documents or comments using the consultation page 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.  

For example, if you wanted to make a submission or provide some informal comments on, say, the proposed International Quality Management Standard, you can now go to this page on the XRB website and upload it from there – instead of attaching it to an email or posting it to us.

We encourage you to use the new online submission process.

You can:

  • Upload an MS Word document (and a PDF file, if you wish); or
  • Write your comments directly in the comments field provided.

Have a look 


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.