We carry out user-needs research — deliberate, organised empirical research into the financial and non-financial information needs of the various users of XRB standards.
Our research activity is based on one of our key objectives – to ensure that accounting and auditing & assurance standards are based on a user-needs approach.
This enhances our understanding of user needs in New Zealand, and helps inform future decisions about the standards' frameworks and policy matters – both locally and in the international arena.
Trust and Confidence: Views from Audit Committee Chairs
We commissioned research into Audit Committee Chairs perceptions of quality and performance of audits
to inform discussions on the role of audit in maintaining trust and confidence in financial reporting in New Zealand, and to examine how the standards we issue, contribute to enhancing trust and confidence in New Zealand.
The research found that trust and confidence in reported information in New Zealand is high and that
auditing standards are a key contributing factor to this. Alignment with international and Australian
accounting and auditing standards is seen as important – confirming that our convergence and
harmonisation policy is serving listed entities in New Zealand well.
Enhancing Audit Quality Report
We are pleased to issue our report on Enhancing Audit Quality: Aotearoa New Zealand Auditing Standards – supporting Auditors to perform high quality audits.
Our report provides commentary on findings from selected focus areas mentioned in the recent Audit Quality Monitoring Report from Financial Markets Authority - Te Mana Tātai Hokohoko.
We also highlight some future standard-setting activities that will further improve audit quality in these areas.
2022 Key Audit Matters Report
We commissioned the University of Auckland to undertake research into reporting practices for key audit matters (KAMs) to assess how the standard is being applied since it was first introduced in 2017.
The research reviewed 235 audit reports across a broad range of industry and entity types and assessed:
- Number and type of KAMs
- Whether KAMs are generic or entity specific
- Length and reading ease
- Voluntary reporting