NZAuASB Update 5/2020

XRB COVID-19 Update, EER Assurance Guidance consultation, EDs out for comment

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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April MackenzieAs the situation continues to change here in New Zealand and globally, I am keen to update you on the XRB’s current position.

We are ensuring we are minimising any disruption to our business. Our priority is to continue to work as the situation unfolds to mitigate the effects on our operation.

Fortunately, we have robust IT remote access infrastructure in place and so can operate as ‘business as usual’, enabling all our people to work remotely if required.

Your views and our outreach with you are a key component of what we do.  We continue to encourage you to observe Board meetings, which will be held online until further notice.  In addition, we may plan “virtual” roundtable or outreach events, rather than in-person meetings. We continue to encourage you to participate and share your views.  Instructions on how to access our online meetings are available here.

Our main concern is the health and safety of our people, their families and communities and we are following all guidelines recommended by the Ministry of Health.

There will, no doubt, be a growing body of information about COVID-19 over the next few days and weeks to come and I can assure you that we at the XRB will continue to take a considered view and will revise our response as required.

Our website, along with our LinkedIn posts, will be the most up-to-date source of information.

If you have any concerns or questions about your interactions with the XRB during this time, please do not hesitate to get in touch with me.

April Mackenzie, Chief Executive

NZAuASB icon Applies to:

AuditingProfessional & EthicalOther Assurance

Upcoming NZAuASB Meeting

The next NZAuASB meeting will now be held via video conference ONLY on 9 April 2020

If you wish to attend any of the public sessions, please register and we will contact you with instructions on how to join the meeting online. You can still access the meeting papers in the week leading up to the meeting.

Matters to be discussed include:

  • An agreed-upon procedures exposure draft;
  • Submissions to the IESBA on its NAS and Fees exposure drafts;
  • The IAASB’s exposure draft on extended external reporting (EER) assurance;
  • Group audits

Register here

Proposed guidance on Extended External Reporting (EER) Assurance

 IAASB EER Guidance gover  Applies to:

Other Assurance

EER encapsulates integrated reporting, sustainability reporting and other matters including environmental, social and governance matters.

The IAASB is seeking feedback on draft non-authoritative EER assurance guidance.

Have a look

The Consultation Paper is based on the full, combined and updated phase 1 and phase 2 drafts. Views are also sought on two supplementary documents—contextual and background information along with illustrative examples.

How you can comment

We are seeking views from anyone considering, or who has practical experience in, this evolving area of reporting—practitioners, preparers, investors and users of EER reports in New Zealand.

  • Share your views with the NZAuASB by 12 June 2020
  • Respond directly to the IAASB by 13 July 2020

Exposure Drafts to reinforce auditor independence

 Sylvie Soulier friendly reminder sticky note

Watch Sylvie Soulier, former IESBA Member, in Conversation with the APESB CEO about the new IESBA proposals relating to Non-assurance Services (NAS) and Fees that further reinforce auditor independence.

Watch here

Reminder to register to attend our NAS and Fees Proposals Outreach to gain a further understanding and have an opportunity to exchange views with a range of stakeholders. This event will be available via video conference.

Register here

Exposure draft: Legislative mandate change

ED XRB Au1   

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 is proposing amendments to XRB Au1 to reflect this legislative change and is seeking your view by 8 June 2020.

Have a look

Have your say

Have your say icon

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.