NZAuASB Update 10/2020

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Proposed changes to Audits of Group Financial Statements

Join us for a special Webinar on 23 June.

The International Auditing and Assurance Standards Board (IAASB) is revising the International Standard on Auditing 600, Audits of Group Financial Statements (including the Work of Component Auditors). The IAASB has issued a consultation paper to seek the views of its global stakeholders.

Have a look

The proposed standard includes some significant changes to the current standard, so we have covered the main points in a blog post.

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The NZAuASB, along with the Australian Auditing and Assurance Standards Board (AUASB), invites you to register and participate in a special webinar on a recently-released Exposure Draft  as part of the consultation.

The webinar—to be hosted by the AUASB—will be presented by Len Jui, an IAASB Member, Chair of the ISA 600 Task Force, KPMG Audit Partner and a member of CPA Australia’s External Reporting Centre of Excellence. 

When:               Tuesday 23 June 2020

Time:                12:00PM to 1:30 PM NZST  

This event has now closed.

Come and share your views and ideas on the proposed changes by participating in one of our virtual roundtable meetings.

When:

• Friday 26 June 2020      8.30 am to 10.30 am
• Thursday 2 July 2020   10.30 am to 12.30 pm

Otherwise, you can submit your comments on the consultation paper to the NZAuASB here, or get in touch by contacting us. 

Applies to: AuditingProfessional & EthicalOther Assurance

NZAuASB June Meeting

Highlights of the June NZAuASB meeting included:

• Approval of an invitation to comment and exposure draft on agreed-upon procedures engagements;
• Approval of NZAuASB’s submissions on the IESBA Non-assurance Services and Fees Related Matters exposure drafts;
• Approval of Conforming Amendments to Auditing and Assurance Standards as a result of revised Professional and Ethical Standard 1;
• Consideration of the key proposals in the IAASB’s exposure draft on group audits;
• Consideration of a draft submission on the IAASB’s EER guidance;
• Discussion on the XRB’s Covid-19 activities
• Consideration of assurance issues on proposed accounting pronouncements.

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Agreed-Upon Procedures Engagements

The NZAuASB has released Exposure Draft, Proposed ISRS (NZ) 4400 Agreed-Upon Procedures Engagements with a 90 day comment period ending 15 September 2020.

The exposure draft is based on the recently revised ISRS 4400, Agreed-Upon Procedures Engagements, issued by the IAASB in April and will be adopted without change unless there is a compelling reason to do so.  

The NZAuASB welcomes stakeholder feedback on this exposure draft.  

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AuditingProfessional & EthicalReviewOther Assurance

Conforming Amendments to Auditing and Assurance Standards

The NZAuASB has approved Conforming Changes to the Auditing and Assurance Standards as a result of the revised Professional and Ethics Standard 1. The conforming amendments align the wording of various auditing and assurance standards with the revised and restructured Professional and Ethical Standard 1 which came into effect in June 2019.

The Conforming Amendments are intended to ensure that the auditing and assurance standards can continue to be applied together with Professional and Ethical Standard  1.

Have a look

Have your say

We are currently consulting on the matters set out in the table below.

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

You can submit your comments directly from the Exposure Draft page on our website following the links below.