Notice is hereby given, pursuant to section 24 of the Financial Reporting Act 2013, that the New Zealand Auditing and Assurance Standards Board of the External Reporting Board has issued:

• Professional and Ethical Standard 3: Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements;
• Professional and Ethical Standard 4: Engagement Quality Reviews;
• ISA (NZ) 220 (Revised) Quality Management for an Audit of Financial Statements; and
• Conforming Amendments to ISAs (NZ) and Other Pronouncements Arising from the Quality Management Projects.

The above standards:

• are effective on 15 December 2022, with early adoption permitted;
• takes effect from the date of the notification of its issue in the New Zealand Gazette, pursuant to section 27(2)(a) and (b) of the Financial Reporting Act 2013; and
• is a disallowable instrument for the purposes of the Legislation Act 2012.

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 8th day of July 2021.

ROBERT BUCHANAN, Chairman, New Zealand Auditing and Assurance Standards Board.