NZAuASB Update 5/2019

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.

 

April Meeting

NZAuASB icon Applies to:

AuditingProfessional & EthicalOther Assurance


The NZAuASB met on 10 April and discussed a range of topics.

Highlights included:

  • Consideration of the following International Auditing and Assurance Standards Board (IAASB) consultation papers:
    • Quality Management Exposure Drafts
    • Extended External Reporting
    • Less Complex Entities
    • Proposed Strategy and Work Plan
  • Preparation for the IAASB and 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.

You can access the public agenda, meeting papers and the meeting highlights on the XRB website.

Have a look


Less Complex Entities (LCEs)

Audits of LCEs cover Applies to:

Auditing


HOT OFF THE PRESS!

The International Auditing and Assurance Standards Board (IAASB) has now published a Discussion Paper, Audits of Less Complex Entities: Exploring Possible Options to Address the Challenges in Applying the International Standards on Auditing (ISAs).

Have a look

The IAASB seeks to further understand the challenges of using ISAs in audits of less complex entities—and views about possible actions to address these challenges. The IAASB recognises the global call for action to address issues of complexity, length, understandability, scalability, and proportionality related to using the ISAs.

Continuing the debate on these strategic issues, the Discussion Paper explores how the IAASB, and others, could further support auditors working in increasingly evolving environments.

The NZAuASB is planning outreach events to obtain feedback from New Zealand stakeholders on this very important topic.

This is your opportunity to shape the way forward for the audits of less complex entities in New Zealand.

More information about our planned outreach events will be coming soon.

You can either respond directly to the IAASB on the Discussion Paper by 12 September 2019, or you can share your views with the NZAuASB, in writing or through our planned outreach events.

Responses to the NZAuASB are required by Thursday 22 August.

The NZAuASB will consider all feedback when submitting its response to the IAASB. 


Quality Management

 Auckland Audit Quality Management Roundtable Applies to:

AuditingReviewOther Assurance


A big thank you to all those who participated in our recent Audit Quality Management workshops! 

Our workshops have now concluded are we were pleased with the input we received for considering the scalability of the proposed new IAASB standard on quality management for firms. 

Next, we will be holding a roundtable on 27 May aimed at the larger firms to receive feedback on the IAASB’s proposals. There is still time to sign up.

Register here


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.