New standards issued - sustainability assurance, ethics and independence
Responding to the overwhelming support we heard to align with the latest international sustainability assurance standards, the XRB has issued:
These new standards are applicable for periods beginning on or after 15 December 2026.
The following standards are revoked but note that these standards continue to apply for accounting periods that begin before 15 December 2026:
Read the basis for conclusions document for further explanation for these changes.
New standards issued - Revisions to the Code Addressing Using the Work of an External Expert
The XRB has reissued PES 1, International Code of Ethics for Assurance Practitioners (including International Independence Standards) (New Zealand) which includes new requirements addressing using the work of an external expert. These new sections provide an ethical framework to guide financial statement auditors and assurance practitioners (including for sustainability assurance engagements) in evaluating whether an external expert has the necessary competence, capability and objectivity in order to use that expert’s work for the intended purposes.
Upcoming events
Need-to-know assurance update 31 March 2026
Implementation and adoption guidance - Audits of less complex entities
New guidance for illustrative auditor’s reports when using the ISA (NZ) for LCE is available here.
Other guidance and video resources are available from the ISA (NZ) for LCE page on our website: www.xrb.govt.nz/isa-for-lce
Open consultations
Post-implementation review of ISA (NZ) 540, Auditing Accounting Estimates and Related Disclosures. Feedback to the XRB closes 13 May 2026
