NZAuASB Update #8

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 July Meeting


Auditing


image of Board meeting tableThe NZAuASB met on 25 July and discussed a range of topics affecting the professional and ethical standards, auditing standards, and other assurance engagement standards.

Highlights included:

  • Approval of an amended draft of the auditing standard on Service Performance Information for a limited scope fatal flaw review.  This is now open for comment.
  • Approval of Exposure Draft (ED) Professional and Ethical Standard 1, International Code of Ethics for Assurance Practitioners, including International Independence Standards (New Zealand);
  • Consideration of the NZAuASB’s strategic action plan for the five- year period July 2018-2023; and
  • Discussion on a draft response to the IESBA Consultation Paper Professional Skepticism – Meeting Public Expectations.

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

Have a look 


Webinar — ISA 315 Exposure Draft

Photo of Fiona CampbellWe are fortunate to jointly host a 90-minute webinar with the Australian Auditing and Assurance Standards Board where Fiona Campbell (pictured), IAASB Member and Chair of the ISA 315 Task Force, will explain the key revisions to the auditor’s risk assessment procedures, as introduced through the recently published ISA 315 Exposure Draft.

The webinar's primary focus is to share the key revisions to ISA 315 (Revised) with you through a slide  presentation. We envisage there will also be opportunity for attendees to ask questions at the end.

Date: Thursday 16 August 2018

Time: 12.30PM – 2:00PM

Register here

A follow-up webinar is planned for October 2018 which will provide you with an opportunity to ask questions about the Exposure Draft after you’ve had some time to digest its content.


Roundtables — ISA 315 Exposure Draft

image of roundtable discussionWe are also holding discussions in Wellington and Auckland to obtain your feedback on ED ISA 315. 

 WellingtonAuckland
Date Thursday 30 August 2018 Thursday 6 September 2018
Time 9:00AM – 11:00AM 9:00AM – 11:00AM
Venue James Cook Grand Chancellor Hotel Heritage Hotel, 35 Hobson Street
  Register here Register here

Registrations now open to help shape the future of EER assurance

image of financial report with magnifying glassThe IAASB is holding a series of discussions to help shape the future of assurance over emerging forms of external reporting (EER), including one in Auckland on October 30, from 10am to 1pm, at the Heritage Hotel, 35 Hobson Street.

These half day discussions will cover:

  • progress in the development of the first phase of draft guidance;
  • implications of the guidance for assurance engagements; and
  • assurance issues faced in the region.

The events are open to all. The IAASB wants to engage with those who prepare EER reports, assurance practitioners, regulators, standard setters, investors and other users of EER reports.

Register here to attend the discussions in Auckland 



Have your say…

Have your say imageWe are currently consulting on the following matters set out in the table below. 

We welcome your comments and feedback, either formal or informal, by the due dates specified.

ID

Title

Comments Due

Limited scope review draft

New Zealand Auditing Standard 1 The Audit of Service Performance Information

1 Oct 2018

IAASB ED

ISA 315 (Revised) Identifying and Assessing the Risk of Material Misstatement

8 Oct 2018 

NZAuASB ED 2018-1

Professional and Ethical Standard 1 International Code of Ethics for Assurance Practitioners, including International Independence Standards (New Zealand)

2 Nov 2018


 Reminder…

auditing imageWe remind auditors that the reporting of key audit matters will become mandatory for all FMC reporting entities for periods ending on or after 31 December 2018. 

There are FAQs and a report detailing the New Zealand experience for listed issuers available

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.