Webinar –Auditor rotation

Are you aware of the new proposed auditor rotation requirements?

The NZAuASB is proposing to adopt the revised international auditor rotation requirements into PES 1 (Revised) Code of Ethics for Assurance Practitioners and is seeking your feedback.

> Read ED NZAuASB 2017-1 

The key changes made to the international requirements for auditors of public interest entities, i.e. those that report under Tier 1, include:

  • Extending the cooling off period to 5 years for the engagement partner; and
  • Extending the cooling off period to 3 years for the engagement quality control reviewer.

The ED also proposes improvements to the general provisions that apply to all assurance engagements.

It proposes that these changes are effective for audits of financial statements for periods beginning on or after 15 December 2018.  Because these changes do not come with a transitional provision, the proposals will apply retrospectively.

Audit firms should therefore already be factoring in the proposed changes to their rotation plans.

The XRB is running a webinar to raise awareness of and seek feedback on the New Zealand exposure draft.

This will cover:

  • Key changes to the rotation requirements;
  • Transitional requirements;
  • Applying the requirements to the Public interest entity (PIE) definition in New Zealand; and
  • Specific areas where we seek your feedback. 

Register now!

Thursday, 22 June 2017
3:30PM– 4:30PM

The webinar is free, but you need to register in advance so you can get access to the session. You will receive confirmation of your registration via email.

Register HereRegister Here