Notice Type
General Section
Notice Title

Approval of Auditing and Assurance Standards (Notice No. 2)

Notice is hereby given, pursuant to section 31 of the Financial Reporting Act 1993, that the External Reporting Board (XRB) has approved the following auditing and assurance standards (including professional and ethical standards), which are the same or substantially the same as the standards relating to auditing or assurance that had been issued by the New Zealand Institute of Chartered Accountants.
These standards include:
International Standards on Auditing (New Zealand) (ISAs (NZ))
- ISA (NZ) 200, "Overall Objective of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing (New Zealand)"
- ISA (NZ) 210, "Agreeing the Terms of Audit Engagements"
- ISA (NZ) 220, "Quality Control for an Audit of Financial Statements"
- ISA (NZ) 230, "Audit Documentation"
- ISA (NZ) 240, "The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements"
- ISA (NZ) 250, "Consideration of Laws and Regulations in an Audit of Financial Statements"
- ISA (NZ) 260, "Communication with Those Charged with Governance"
- ISA (NZ) 265, "Communicating Deficiencies in Internal Control to Those Charged with Governance and Management"
- ISA (NZ) 300, "Planning an Audit of Financial Statements"
- ISA (NZ) 315, "Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment"
- ISA (NZ) 320, "Materiality in Planning and Performing an Audit"
- ISA (NZ) 330, "The Auditor’s Responses to Assessed Risks"
- ISA (NZ) 402, "Audit Considerations Relating to an Entity Using a Service Organisation"
- ISA (NZ) 450, "Evaluation of Misstatements Identified During the Audit"
- ISA (NZ) 500, "Audit Evidence"
- ISA (NZ) 501, "Audit Evidence - Specific Considerations for Selected Items"
- ISA (NZ) 505, "External Confirmations"
- ISA (NZ) 510, "Initial Audit Engagements - Opening Balances"
- ISA (NZ) 520, "Analytical Procedures"
- ISA (NZ) 530, "Audit Sampling"
- ISA (NZ) 540, "Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures"
- ISA (NZ) 550, "Related Parties"
- ISA (NZ) 560, "Subsequent Events"
- ISA (NZ) 570, "Going Concern"
- ISA (NZ) 580, "Written Representations"
- ISA (NZ) 600, "Special Considerations - Audits of Group Financial Statements (Including the Work of Component Auditors)"
- ISA (NZ) 610, "Using the Work of Internal Auditors"
- ISA (NZ) 620, "Using the Work of an Auditor’s Expert"
- ISA (NZ) 700, "Forming an Opinion and Reporting on Financial Statements"
- ISA (NZ) 705, "Modifications to the Opinion in the Independent Auditor’s Report"
- ISA (NZ) 706, "Emphasis of Matter Paragraphs and Other Matters Paragraphs in the Independent Auditor’s Report"
- ISA (NZ) 710, "Comparative Information - Corresponding Figures and Comparative Financial Statements"
- ISA (NZ) 720, "The Auditor’s Responsibility in Relation to Other Information in Documents Containing Audited Financial Statements"
- ISA (NZ) 800, "Special Considerations - Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks"
- ISA (NZ) 805, "Special Considerations - Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement"
- ISA (NZ) 810, "Engagements to Report on Summary Financial Statements"
The ISAs (NZ) are effective for audits of historical financial statements for periods beginning on or after 1 September 2011.
Review Standards
- RS 1, "Statement of Review Engagement Standards"
RS 1 is effective for reviews of historical financial statements for periods beginning on or after 1 September 2011, and for other review engagements beginning on or after 1 September 2011.
Professional and Ethical Standards
- Professional and Ethical Standard 1, "Ethical standards for Assurance Providers"
- Professional and Ethical Standard 2, "Independence in Assurance Engagements"
- Professional and Ethical Standard 3, "Quality Control"
Professional and Ethical Standard 1 and Professional and Ethical Standard 2 are effective for assurance engagements beginning on or after 1 September 2011.
Professional and Ethical Standard 3 is effective for individual assurance engagements (other than audits of historical financial information) beginning on or after 1 September 2011.
Firms conducting assurance engagements are required to establish systems of quality control in compliance with this standard for application from 1 September 2011.
All of these auditing and assurance standards (including professional and ethical standards) are Regulations for the purposes of the Regulations (Disallowance) Act 1989.
Copies of any approved Auditing or Assurance standard may be inspected free of charge at the offices of the XRB, Level 7,
50 Manners Street, Wellington.
Copies are also available on the XRB’s website
www.xrb.govt.nz
Dated this 1st day of July 2011.
KEVIN SIMPKINS, Chairman, External Reporting Board.