NZAuASB Update 4/2019

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.

 

Thanks for attending our workshops this week!

Auckland Audit Quality Management Roundtable

Thank you to all those who participated in the Audit Quality Management workshops this week in Auckland and Tauranga to consider the scalability of the proposed new standard on quality management for firms.

Looking forward to hearing from others in Wellington and Christchurch next week!


April Meeting

NZAuASB icon Applies to:

AuditingReviewProfessional & EthicalOther Assurance


The upcoming NZAuASB meeting will be held on Wednesday 10 April in Wellington.

The agenda includes:

  • Consideration of the following IAASB consultation papers and the NZAuASB’s submissions thereon:
    • Quality Management Exposure Drafts
    • Extended External Reporting (EER)
    • Less Complex Entities (LCEs)
    • Proposed Strategy and Work Plan
  • Preparation for the IAASB and IESBA National Standard Setters meetings
  • Meeting with Lyn Provost, IAASB member, and members of the New Zealand Accounting Standards Board for updates on current activities of the respective boards.

Did you know you can register to attend the meeting? You can also access the public agenda and meeting papers on the XRB website.

Have a look


IESBA Exposure Draft

Proposed Revisions to Part 4B of the Code of Ethics

 IESBA ED cover Applies to:

Professional & Ethical


The International Ethics Standards Board for Accountants has released for public comment, Exposure Draft, Proposed Revisions to Part 4B of the Code to Reflect Terms and Concepts Used in ISAE 3000 (Revised).

Have a look

Part 4B of the revised and restructured International Code of Ethics for Professional Accountants (including International Independence Standards) comprises the independence standards for assurance engagements other than audit and review engagements, as defined in the Code.

The proposals in the Exposure Draft include:

  • Changes in key terminology, including a revised definition of the term “assurance client”;
  • Enhanced and clarified independence requirements for attestation engagements;
  • Clarification of the types of assurance engagement addressed in Part 4B; and
  • Simplified guidance on assurance engagements that refer to the definitive source of explanatory material on such engagements in IAASB literature.

Have a look


Focus on Professional Scepticism

 IAASB pS Focus February 2019 cover Applies to:

AuditingReviewOther Assurance


The IAASB has issued its latest edition in its “pS focus” series, a communication from the IAASB Professional Scepticism Working Group.  It provides updates on the IAASB’s efforts to appropriately reflect professional scepticism in its standards, together with other relevant news and information.

The focus in this most recent edition is on professional scepticism and quality management.

Have a look


Quality Management Webinar

 Screen icon Applies to:

Auditing


Did you miss our recent webinar providing an overview of the IAASB’s proposed revisions to the quality management standards for firms and audit engagement teams?

We introduced the key changes proposed to:

  • ISQM 1 – that address a firm’s responsibility to establish a system of quality management to support quality engagements.
  • ISQM 2 – a new proposed standard to address engagement quality reviews.
  • ISA 220 – that addresses the management of engagement quality for audit engagements.

Watch the webinar

Download the slides


Quality Management Outreach planned in New Zealand

 People icon Applies to:

Auditing


A key question we (and the IAASB) want to explore, is the scalability of the IAASB’s proposed Quality Management Standards.

In addition to roundtables and a webinar, the NZAuASB is planning half-day workshops to assist small and medium practices in working through the proposed new approach to quality management, and to obtain feedback to inform its submission to the IAASB about any foreseeable implementation difficulties.

THESE EVENTS HAVE NOW TAKEN PLACE


Have your say

 Have your say icon Applies to:

AuditingReviewProfessional & EthicalOther Assurance


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


How can I submit my views?

Submit your views iconWe have recently transformed the way you can provide feedback on consultation documents.

We have designed a secure online form to make your upload safe, quick and easy. The upload form will now appear with every consultation which open for comment.

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.

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.