NZAuASB Update 6/2021

Recent NZAuASB Meeting, IESBA Long Association PIR...

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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NZAuASB April Meeting

NZAuASB icon

Applies to:

AuditingProfessional & EthicalReview

Highlights of the April meeting included:

  • Consideration of the IESBA’s non-assurance services provisions and the way forward in New Zealand.
  • Approval of a draft submission in response to the IESBA’s exposure draft to amend the definition of a public interest entity.
  • An education session, consideration of issues and a first read of a proposed assurance standard dealing with the performance of and reporting on a corporate fundraising assurance engagement.
  • Review of the NZAuASB action plan for the five-year period 1 July 2021-30 June 2026 in support of the XRB’s strategic action plan for 2021-2026.
  • An update on the progress of the audit/review engagement alternative for small charities.

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Post-Implementation Review of Long Association International Standards

IESBA Long Association PIR cover

Applies to:

Auditing

The International Ethics Standards Board for Accountants (IESBA) has released a questionnaire seeking feedback from national standard setters, professional accounting bodies, regulators or Audit Oversight Bodies, auditors or audit firms and others (investors or users of financial statements, those charged with governance, preparers, academics) on key matters relating to Phase 1 of the long association post implementation review.

The questionnaire forms part of the working group’s information gathering and will help inform the IESBA’s review of the implementation of the five-year cooling-off requirement for engagement partners on audits of public interest entities (PIEs).

Among other things, this questionnaire aims to establish the level of adoption of the five-year cooling-off period by jurisdictions and firms as required by Section 540 of the Code and the extent to which those jurisdictions and firms that have not adopted a five-year cooling-off period have done so in reliance upon the jurisdictional provision (paragraph R540.19).

Although the jurisdictional provision has not been applicable for firms in New Zealand, this is your opportunity to provide feedback to the IESBA about any issues to consider from the implementation of the five- year cooling off requirement for engagement partners on PIEs in New Zealand.

This questionnaire includes a few targeted questions at the various stakeholder groups and should not take long to complete.

Responses are requested by 31 May 2021.

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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.
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