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.

This page does not include the auditor's responsibilities from:

  • ISA (NZ) 600 (Revised) – Applicable for periods beginning on or after 15 Dec 2023, and

  • NZ AS 1 (Revised) – Applicable for periods beginning on or after 1 Jan 2024.

These will be added to our website in due course.

Auditor's Responsibilities:

 

Group Audit

Not a Group Audit

KAMs
are reported

Audit Report 1

Mandatory for audits of:

  • Listed issuers; and  
  • from December 2018, FMC reporting entities considered to have a higher level of public accountability, or for this same type of entity where the auditor voluntarily reports KAMs prior to December 2018.

Audit Report 2

Mandatory for audits of:

  • Listed issuers; and  
  • from December 2018, FMC reporting entities considered to have a higher level of public accountability, or for this same type of entity where the auditor voluntarily reports KAMs prior to December 2018.

KAMs 
are reported

Audit Report 3 

Where the auditor voluntarily reports KAMs.

  • For entities that are not FMC reporting entities considered to have a higher level of public accountability.

Audit Report 4 

Where the auditor voluntarily reports KAMs. 

  • For entities that are not FMC reporting entities considered to have a higher level of public accountability.

KAMs are not reported 

Audit Report 5

For audits of:

  • FMC reporting entities considered to have a higher level of public accountability where the reporting of KAMs is deferred until required in 2018. 

Audit Report 6  

For audits of:

  • FMC reporting entities considered to have a higher level of public accountability where the reporting of KAMs is deferred until required in 2018. 

KAMs are not reported 

Audit Report 7 

For audits of:

  • All other entities that are not FMC reporting entities considered to have a higher level of public accountability;

where the auditor does not report key audit matters.

Audit Report 8 

For audits of:

  • All other entities that are not FMC reporting entities considered to have a higher level of public accountability;

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
are reported

Audit Report 9

For audits of:

  • FMC reporting entities considered to have a higher level of public accountability

where GPFR includes service performance information

Audit Report 10

For audits of:

  • FMC reporting entities considered to have a higher level of public accountability

where GPFR includes service performance information

KAMs 
are reported

Audit Report 11

For audits of:

  • entities that are not FMC reporting entities considered to have a higher level of public accountability.
  • KAMs are voluntarily reported.

where GPFR includes service performance information

Audit Report 12

For audits of:

  • entities that are not FMC reporting entities considered to have a higher level of public accountability.
  • KAMs are voluntarily reported.

where GPFR includes service performance information

KAMs  are not reported 

Audit Report 13

For audits of:

  • entities where the auditor does not report KAMs

where GPFR includes service performance information

Audit Report 14

For audits of:

  • entities where the auditor does not report KAMs

where GPFR includes service performance information

 

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
are reported

Audit Report 15

For audits of:

  • entities that prepare general purpose financial reports that include service performance information and entity information

where the auditor voluntarily reports KAMs

Audit Report 16

For audits of:

  • entities that prepare general purpose financial reports that include service performance information and entity information

where the auditor voluntarily reports KAMs

KAMs are not reported 

Audit Report 17

For audits of:

  • entities that prepare general purpose financial reports that include service performance information and entity information

where the auditor does not report KAMs

Audit Report 18

For audits of:

  • entities that prepare general purpose financial reports that include service performance information and entity information

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.

Standards