Description of the auditor's responsibilities
Here we set out the auditor's responsibilities that apply to the context of an audit engagement.
Paragraph 41(c) of ISA (NZ) 700 (Revised) allows the description of the auditor’s responsibilities to be moved out of the auditor’s report and referred instead to a website of an appropriate authority.
Therefore, in New Zealand auditor reports, the Auditor’s Responsibilities for the Audit of the General Purpose Financial Report (GPFR) section of an auditor’s report can cross-refer to one of the 18 reports in the drop-down lists below.
NOTE: From December 2018, it is mandatory for Key Audit Matters (KAMs) to be reported in the auditor’s report for all FMC reporting entities considered to have a higher level of public accountability.
Auditor's Responsibilities:
Group Audit |
Not a Group Audit | |
---|---|---|
KAMs
|
Mandatory for audits of:
|
Mandatory for audits of:
|
|
Where the auditor voluntarily reports KAMs
|
Where the auditor voluntarily reports KAMs.
|
KAMs are not reported |
For audits of:
|
|
For audits of:
|
For audits of:
where the auditor does not report key audit matters. |
Note: all of these examples assume that a fair presentation framework has been used to prepare the financial statements.
Group Audit |
Not a Group Audit | |
---|---|---|
KAMs
|
For audits of:
where GPFR includes service performance information |
For audits of:
where GPFR includes service performance information |
|
For audits of:
where GPFR includes service performance information |
For audits of:
|
KAMs are not reported |
For audits of:
|
For audits of:
|
Note: all of these examples assume that a fair presentation framework has been used to prepare the financial statements.
Group Audit |
Not a Group Audit | |
---|---|---|
KAMs
|
For audits of:
where the auditor voluntarily reports KAMs |
For audits of:
where the auditor voluntarily reports KAMs |
KAMs are not reported |
For audits of:
where the auditor does not report KAMs |
For audits of:
where the auditor does not report KAMs |
Note: all of these examples assume that a fair presentation framework has been used to prepare the financial statements.