Current Standards and Guidance

The auditing and assurance standards that currently apply in New Zealandtogether with related information—are in five categories as follows:

General Standards—establish which auditing and assurance standards should be used by assurance practitioners when undertaking assurance engagements.

Auditing Standards—apply to the conduct of audit engagements (reasonable assurance) undertaken by assurance practitioners.

Professional and Ethical Standards—these are the professional and ethical standards applying to assurance practitioners issued by the XRB Board/NZAuASB.

Review Standards—apply to the conduct of review engagements (limited assurance) undertaken by assurance practitioners.

Other Assurance Engagement Standards—apply to the conduct of assurance engagements other than audit or review engagements on historical financial information undertaken by assurance practitioners.

In addition to these five categories of Standards, the XRB Board has also issued some Explanatory Guides.  

These have no legal status but are designed to provide you with easy to read explanations.

The New Auditor's Report—the amended auditing standards apply to audits of financial statements for periods ending on or after 15 December 2016, and include all the new auditor reporting requirements. Early adoption is permitted.

The Auditor Regulation Act 2011 requires all auditors of FMC reporting entities to comply with the auditing and assurance standards issued by the XRB (including professional and ethical standards for assurance practitioners).

Professional bodies, for example the New Zealand Institute of Chartered Accountants (NZICA), may require their members who are assurance practitioners to comply with the auditing and assurance standards issued by the XRB (including professional and ethical standards for assurance practitioners).

Other assurance practitioners may voluntarily comply with the auditing and assurance standards issued by the XRB (including professional and ethical standards for assurance practitioners).

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