Notice is hereby given, pursuant to section 31 of the Financial Reporting Act 1993, that the New Zealand Auditing and Assurance Standards Board of the External Reporting Board has issued Professional and Ethical Standard 3 (Amended): Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance Engagements.
Professional and Ethical Standard 3 (Amended): Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance Engagements:
- Supersedes Professional and Ethical Standard 3: Quality Control;
- applies to all firms of assurance practitioners in respect of audits and reviews of financial statements, and other assurance engagements;
- requires systems of quality control in compliance with PES 3 (Amended) to be established for application from 1 January 2014; and
- is a Regulation for the purposes of the Regulations (Disallowance) Act 1989.
Copies of the standard may be inspected free of charge at the offices of the External Reporting Board (XRB), Level 7, 50 Manners Street, Wellington.
Copies are also available on the XRB’s website at
www.xrb.govt.nz
Dated this 28th day of January 2013.
NEIL CHERRY, Chairman, New Zealand Auditing and Assurance Standards Board.