NZAuASB Update 7/2019
|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.|
Professional & Ethical
Ethics made easy...
Are you ready for the updated Code?
The revised and restructured Code is effective from 15 June 2019 and the International Ethics and Standards Board for Accountants (IESBA) is launching an eCode to help you better understand and apply it.
Updated FAQs on Auditor Rotation
AuditingProfessional & Ethical
On 1 July 2019, all issuers will be required to comply with updated NZX listing rules.
These changes have an impact on the responsibilities of the audit committee in respect of auditor rotation requirements. These now apply more broadly than before, ensuring that the key audit partner (not only the lead engagement partner) is changed at least every five years.
We have updated the FAQ under the heading “Comparison with Australia” accordingly.
The IESBA Staff has also recently updated the FAQs. Included now are additional frequently asked questions along with alignments with references to the restructured Code.
We have accordingly updated the Auditor Rotation FAQs on the XRB website to reflect all these changes.
Farewell to Rowena
Yesterday we farewelled long-standing NZAuASB Board member Rowena Sinclair at a special afternoon tea.
Rowena has been a Board member since its inception back in 2011. She has specialised in not-for-profit research and is a PhD supervisor at Auckland University of Technology (AUT). Rowena brought both the academic and standard-setting world together highlighting academic research relevant to the Board’s projects.
"We will miss you and the insights you brought to the Board table, Rowena!" said XRB Director of Assurance Standards, Sylvia van Dyk.
Have your say
Now is your chance to have your say on the following topics:
IAASB Proposed Quality Management Standards
7 Jun 2019
Audits of Less Complex Entities: Exploring Possible Options to Address the Challenges in Applying the International Standards on Auditing (ISAs)
22 Aug 2019
How can I submit my views?
We have 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.
We encourage you to use the new online submission process.
You can either:
- 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.