NZAuASB Update 12/2020

NZAuASB July meeting, three surveys, XRB Au1 updated, Proposed new standard webinar, Review engagements,...

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.

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AuditingProfessional & EthicalReviewOther Assurance

Recent NZAuASB Meeting

Highlights of the July NZAuASB meeting included:

  • An update from Lyn Provost, IAASB member on recent activities of the IAASB.
  • Meeting with Mike Burrell, Executive Director, Sustainable Business Council.
  • Approval of the NZAuASB’s strategic implementation plan for 2020/21 and an updated strategic action plan for the five-year period 1 July 2020 to 30 June 2025.

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Auditor Reporting Post-Implementation Review: Stakeholder Survey

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Do you have any views to share on the revised Auditor's Report?

Let the IAASB know by completing the survey in the link below. The survey is open until 23 October 2020 and we are looking for views from ALL stakeholder groups including investors and those charged with governance.

Your feedback will be an important source of input for the IAASB in carrying out the information gathering activities related to the Auditor Reporting Post-Implementation Review (PIR), which will assist the IAASB to determine what possible further actions, if any, may need to be undertaken.

The link below will direct you to the IAASB webpage for further information on the Auditor Reporting PIR, including the online Survey.

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XRB Au1 (Legislative mandate Update)

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The XRB’s mandate to issue auditing and assurance standards has been extended to include standards for related services, such as agreed-upon procedures.

The XRB has issued a revised XRB Au1 Application of Auditing and Assurance Standards to reflect that extended legislative mandate.

Have a look

Proposed Agreed-Upon Procedures Engagement Standard

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Join us for a webinar to hear about the NZAuASB’s proposed new standard on Agreed-Upon Procedures Engagements.

When: 1:00PM—2:00PM, Tuesday 1 September 2020

Register here

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 your feedback on this exposure draft.  

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Interim review reports

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IAASB staff have recently issued COVID-19 Alert: Review Engagements on Interim Financial Information in the Current Evolving Environment Due to COVID-19.

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The alert addresses both management’s and the auditor’s responsibilities for interim financial information and the challenges created by the COVID-19 pandemic, including matters related to going concern in the context of ISRE 2410.

Just a friendly reminder

Did you know that the NZAuASB has issued NZ SRE 2410 (Revised)? This reorders the interim review report to align more closely with the auditor’s report at year end.

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These revisions refer to a “material uncertainty related to going concern” rather than an “Emphasis of Matter”.

NZ SRE 2410 (Revised) is effective for periods ending on or after December 2020. There are some differences between NZ SRE 2410 (Revised) and ISRE 2410.

IESBA and IAASB Digital Solution Survey

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AuditingProfessional & EthicalReviewOther Assurance

Why not take  5 minutes to respond to a brief survey on how you personally experience using the IAASB standards/ IESBA standards or eCode? The XRB  is considering digitisation of its standards and this international solution may be a source to leverage of in the future.

The IAASB and IESBA are working on a project together with the IPSASB, another independent standard setting board with structures and processes that are supported by IFAC to make the international standards available to you in a digital format.

As a part of that project they are interested in obtaining your feedback to ensure the solution provides value to you and are seeking your participation in a 5-minute web-based survey.

Please use the links below to access and complete both surveys by 12:00PM on 7 August 2020 (this Friday).

IESBA is interested in feedback about your experience using the IESBA Handbook and the IESBA eCode.

IESBA Survey

IAASB is interested in feedback about your experience using the IAASB’s Handbook.

IAASB Survey

Have your say

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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.

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.