Proposed new guidance for professional scepticism and professional judgement

The International Ethics Standards Board for Accountants (IESBA) has issued an exposure draft (ED) proposing new application material to:

  • describe how complying with the fundamental principles in the Code of Ethics supports practitioners when they exercise professional scepticism in the context of audit and other assurance engagements; and
  • emphasise the importance for practitioners to obtain a sufficient understanding of the facts and circumstances known to them when they exercise professional judgement in applying the conceptual framework.

> Read the IESBA ED

We are committed to adopting the international Code of Ethics as it applies to assurance practitioners, while ensuring those standards reflect our New Zealand conditions. This ensures we remain internationally competitive.

Your views are important to help inform us when developing our response to the IESBA’s EDs, and when considering whether there are any compelling reasons for the proposals to be modified for application in New Zealand by assurance practitioners.

The NZAuASB will consult separately if any proposed New Zealand modifications to the proposed application material are identified. We encourage you to raise any matters relevant to the New Zealand context in your feedback to the NZAuASB.

How to comment

You can comment to the NZAuASB as follows:

  • By mail addressed to the:

Chief Executive
External Reporting Board
PO Box 11250, Manners Street Central

You can comment in either an email or by letter.  Your comments can be can be formal or informal.

Please send your comments on the exposure draft to the NZAuASB by 7 July 2017, or send comments directly to the IESBA by 25 July 2017, with a copy to the NZAuASB.