NZAuASB Update 11/2020

NZ SRE 2410 (Revised), Group Audits Round-table, IFAC webinars, modified audit reports

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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Revised Interim Review Standard Issued

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Applies to,


The NZAuASB has issued NZ SRE 2410 (Revised) Review of Financial Statements Performed by the Independent Auditor of the Entity. The revised standard will impact the format and content of an interim review report to promote consistency with the revised auditor’s report. The key changes to the interim review report will include:

  • Re-ordering the report so that the opinion comes first, followed by a “Basis for Opinion” Section
  • Naming the engagement partner
  • Referring to a “material uncertainty related to going concern” paragraph rather than an “emphasis of matter” paragraph in certain circumstances
  • An affirmative statement about the auditor’s independence.

The changes are effective for periods ending on or after 31 December 2020.

The revised standard includes links to quickly move back and forward between requirements and referenced application material.

Have a look

Virtual Roundtables on ED ISA 600

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Join us for a virtual roundtable on 2 July

A reminder to share your views and ideas on the proposed changes by participating in our virtual roundtable meeting, to be held as follows:


  • Thursday 2 July 2020   10.30 am to 12.30 pm

Register here

You can also submit your comments on the consultation paper to the NZAuASBor get in touch by contacting us.

Thank you to all those who attended the joint NZAuASB/AUASB webinar to explore proposed changes that will impact audits of group financial statements. For those who missed the webinar a recording is available.

Watch the webinar 

Weekly webinar series

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applies to,


Join us for the IFAC weekly webinar series

The International Federation of Accountants (IFAC) invites you to participate in a weekly webinar series “Practical Audit Quality Considerations for Auditing in the Pandemic Environment – Planning, Execution, Auditor Reporting and Looking Ahead”.  The three week series, starting on Thursday July 9th will focus on practical audit quality considerations for each phase of the audit.

Register here 

The webinars will be held late in the evening in NZ time, but by registering you will receive a link to the recording to view at a convenient time.

Modified Audit Reports 

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Applies to,



Copies must be sent to the XRB 

Auditors of FMC reporting entities and companies are required to send copies of modified audit reports and the related financial statements to the:  

  • FMA and/or Registrar of Companies; and 
  • XRB. 

For FMC reporting entities, the auditor is required to send a copy of the modified audit report and financial statements to the FMA and XRB1 when the audit report indicates that the requirements of Part 7 of the FMC Act 2013 have not been complied with. For further details please refer to section 461G of the Financial Markets Conduct Act 2013. 

For companies, the auditor is required to send a copy of the modified audit report and financial statements to the Registrar of Companies and XRB when the audit report indicates that the requirements of the Companies Act 1993 have not been complied with. For further details please refer to Section 207C of the Companies Act 1993. 

1 Also, in the case of an issuer of debt securities or a manager of a registered scheme, to the Supervisor.

Uploading modified audit reports to the XRB website 

You can upload the modified audit report and financial statements via the XRB’s website. 

Have a look

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.