NZAuASB Update #3

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.


NZAuASB April Meeting

The NZAuASB met on 11 April and discussed a range of topics affecting the professional and ethical standards, auditing standards, and other assurance engagement standards.

Highlights included consideration of:

  • the changes that need to be made to the new restructured international Code as it applies to assurance practitioners in New Zealand; 
  • the independence requirements for other assurance engagements;
  • the Board’s draft submission to Chartered Accountants Australia and New Zealand on its exposure draft of a revised standard on agreed-upon procedures engagements; and
  • whether there is a need to issue guidance for auditors responding to questions at annual general meetings.

You can access the public agenda, meeting papers and the meeting highlights on the XRB website.

Read more

Have your say…

Professional & Ethical standards icon

IESBA consultation on 2019-2023 strategy and work plan

The IESBA is seeking public comment by 16 July 2018 on its Proposed Strategy and Work Plan, 2019-2023.

This projects the IESBA’s vision for the Code in the global economy.

The consultation paper was developed following extensive, wide-ranging engagement with stakeholders, including regulators, national standard setters and professional accounting organisations.

This is an important opportunity for New Zealand stakeholders to share their views on how the topics should be prioritised, recognising that the New Zealand Auditing and Assurance Standards Board’s (NZAuASB) strategic objective is to adopt international standards where they are generally applicable and appropriate in the New Zealand context, and therefore, the NZAuASB’s work plan is directly linked to the IESBA’s work plan.

We encourage you to respond to the survey, as it is important for the IESBA and the NZAuASB to focus their efforts on the needs of stakeholders.

You can either respond directly to the IESBA, and/or you can share your views with the NZAuASB.

The NZAuASB will consider all responses when submitting its response to the IESBA.

Read more and access the survey here

10-minute IFAC Global SMP Survey

The International Federation of Accountants (IFAC) has launched its 2018 Global SMP Survey.

The survey helps IFAC gain an understanding of the specific challenges and opportunities faced by SMPs and SMEs and as a result, better serve this critical constituency.

This year’s survey includes new questions on next generation talent, technology developments, talent management initiatives, and marketing and branding.

The survey is open until 21 May 2018.

2018 Global SMP Survey

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.