NZAuASB Update 16/2020

Recent NZAuASB Meeting, reminder re IESBA surveys...

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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Recent NZAuASB Meeting

NZAuASB icon

Applies to:

AuditingProfessional & Ethical

Highlights of the October meeting included:

  • Consideration of the Board’s response to the IAASB on the auditor reporting post implementation review;
  • Consideration of an Agreed-upon Procedures Engagement Standard;
  • Approval of amendments to Professional and Ethical Standard 1 to address the role and mindset of the assurance practitioner;
  • Consideration of the draft consultation plan on the IAASB’s fraud and going concern discussion paper;
  • Meeting with Lyn Provost to hear about recent activities of the IAASB;
  • An update on the key revisions made by the IAASB in finalising the quality management standards and consideration of preliminary thoughts on New Zealand specific changes; and
  • A joint meeting with the AUASB, where the two Boards considered proposed amendments to the compelling reason test for amendments to international standards and the harmonisation policy.

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IESBA Technology Survey

Applies to:

Professional & Ethical

The  IESBA’s Technology Task Force has launched two online surveys with questions seeking stakeholder feedback:

  • Technology and complexity in the professional environment; and
  • The impact of technology on auditor independence.

Stakeholder responses to the two surveys will help guide the IESBA’s consideration of next steps in relation to these two topics at its December meeting.

The surveys close on 10 November 2020.

The IESBA is seeking views and input from all categories of stakeholders, including investors and other users of financial statements, the corporate governance community, the regulatory and audit oversight community, preparers, firms, national standard setters, professional accountancy organisations, academics and others.

Please don’t miss this unique opportunity to contribute to international standard setting!

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Have your say... 

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We are currently consulting on the matter 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.