NZAuASB - New Zealand Auditing and Assurance Standards Board

Role and responsibilities

The New Zealand Auditing and Assurance Standards Board (NZAuASB) has delegated authority from the XRB Board to develop or adopt, and issue auditing and assurance standards, including professional and ethical standards for auditors.

The NZAuASB aims to establish auditing and assurance standards that build confidence in New Zealand financial reporting, assist entities to compete internationally, and enhance entities’ accountability to stakeholders.

For more information see:

> Standard-setting process

The NZAuASB is a committee of the XRB Board established under schedule 5 of the Crown Entities Act.

The NZAuASB also issues other assurance standards in accordance with an authority provided by the Minister of Commerce issued under section 24 (1) (b) (v) of the Financial Reporting Act 1993. 

NZAuASB outcome goal

The NZAuASB’s strategic objective is:

To establish auditing and assurance standards which will encourage assurance providers to behave and provide assurance in a manner that engenders confidence in New Zealand financial reporting, assists entities to compete internationally, and enhances entities’ accountability to stakeholders.

The provision of high quality assurance that gives users confidence about the fair presentation of the information presented in financial reports is vital to the achievement of the XRB’s outcome goal.

With this objective in mind, the NZAuASB considers the suite of auditing and assurance standards and how they are being applied. It issues standards or guidance if necessary to achieve its strategic objective.


NZAuASB Board members

The NZAuASB has up to 10 members, with a focus on diversity of experience and perspective. The members of the NZAuASB are appointed by the XRB and are all part time. They are remunerated in accordance with rates determined by the Remuneration Authority. 

Robert Buchanan – Chair

Robert Buchanan – Chair

Robert is a Wellington lawyer, specialising in public law. His practice includes advising on a range of public sector governance issues both in New Zealand and internationally. He works extensively in the area of audit and assurance, and has also held a number of governance appointments in the public sector.

Robert was previously Assistant Auditor-General, Legal at the Office of the Auditor-General and Director of the Law Commission.

Robert is a current member of the Institute of Directors in New Zealand and the New Zealand Law Society.

Clyde D’Souza

Clyde D’Souza

Clyde is Principal of D’Souza Associates, a boutique merchant banking practice specialising in mergers and acquisitions, due diligence services and valuation advice.

Clyde has extensive experience in the financial services sector including research and analysis roles at AMP Investments and Citigroup. Clients of his advisory practice cover a variety of industries and different sized entities.

Clyde is on the governing board of the Institute of Financial Professionals and a member of the Institute of Directors.

Craig Fisher

Craig Fisher

FCA

Craig is an Audit Partner of RSM Hayes Audit and Chairman of RSM New Zealand with over 25 years of audit experience. His clients include issuers, private companies, public sector entities and a wide range of charities and not-for-profit organisations.

Craig is also co-author of the Thomson Reuters (formerly Brooker’s) Practical Auditing Manual and a frequent author and presenter on audit, assurance and risk topics.

Craig is a past Chairman of the NZICA Professional Practices Board (the predecessor to the PSB) and the PSB. During his tenure New Zealand adopted the International Standards on Auditing (New Zealand) (ISA (NZ)s). He has represented New Zealand internationally in assurance standard-setting matters.

Craig is a member of the Institute of Directors and the Committee of the CA ANZ Auckland Not-For-Profit Special Interest Group, and the Australasian Charities and NFP Advisory Committee. In addition Craig is Chairman of the Fred Hollows Foundation New Zealand and a trustee of the Sustainable Coastlines Charitable Trust..

Pat Heslin

Pat Heslin

FCA

Pat is a Risk and Assurance Partner at Deloitte and has Audit Risk Leadership responsibilities for the firm. His clients include a large number of listed companies and issuers as well as large number of private companies and public sector organisations, predominantly in the local government sector.

Pat is a finance company expert and provides specialist advice on audit quality in that sector. 

Pat works extensively as an audit expert and has assisted the NZICA Practice Review Unit in their review of finance company audits and as an independent expert to the NZICA Disciplinary Tribunal. He also acts as an audit expert in relation to civil litigation actions.

Merran Kelsall

Merran Kelsall

Merran is the Chair of the Australian Auditing and Assurance Standards Board (AUASB) and has a portfolio of directorships. She is also a former member of the International Auditing and Assurance Standards Board (IAASB). She is an independent director having served on numerous boards in the private and public sectors.

Merran has expertise in audit, risk and compliance committees and a particular interest in aligning performance management with corporate strategy. She also has many years as a practising Chartered Accountant. Her industry experience includes financial and professional services; insurance; health; retail, education; contract management and major infrastructure projects.

John Kensington

John Kensington

CA

John is Financial Services Audit Partner at KPMG. He is the head of KPMG's Financial Services Audit Practice and Banking & Finance Line of business. He is also the editor of the Financial Intuitions Performance Survey. 

John is a licenced auditor and his audit experience covers a wide range of commercial sector clients including banking, insurance, funds management, and the automotive industry.  He has particular expertise in financial services auditing and related Reserve Bank and Trustee reporting requirements. 

John is also a trustee of the Kidscan Charitable Trust. 

Chong Lim

Chong Lim

FCA

Chong is General Manager, Professional Practices at Audit New Zealand. In this role he is responsible for ensuring that appropriate systems, tools and knowledge are in place for Audit New Zealand audit staff.

Chong has a wide variety of auditing experience at both the operational and standard setting level. He was previously an Audit New Zealand Audit Director with responsibility for the audits of a range of public sector clients.

He also has had extensive involvement in Audit New Zealand’s audit methodology development, professional development, and organisational change management. He has been a member of the New Zealand Institute of Chartered Accountants’ Professional Standards Board. 

Marje Russ

Marje Russ

Marje is an Executive Director of Tonkin & Taylor Group, a New Zealand-based environmental and engineering consulting company operating throughout Asia-Pacific.

She has an extensive background in non-financial assurance and environmental management including as General Manager, Environmental Certification Services at Telarc New Zealand & International Accreditation New Zealand in the 1990s and various other environmental and sustainable business assurance.

Marje is a member of the New Zealand Planning Institute, a member of the Institute of Directors and member of the Resource Management Law Association.

Karen Shires

Karen Shires

CA

Karen is a Financial Assurance Partner at PwC, a licensed auditor and a Trustee of the PwC Foundation. Her clients include a wide range of issuers, large for-profit entities, public benefit public sector entities, and not-for-profit organisations.

She also provides internal audit services to a number of organisations as well as providing other assurance services and accounting advice.

Karen has particular expertise in financial services and spent six years with PwC’s London Banking and Capital Market’s Practice.

Rowena Sinclair

Rowena Sinclair

CA

Rowena specialises in not-for-profit research and is a PhD supervisor at Auckland University of Technology (AUT).

Her previous experience includes 19 years lecturing in Accounting and Auditing.

She has worked for the Audit Office and has also not-for-profit experience. In addition, Rowena has worked in financial institutions including Citibank.

Rowena is a Chartered Accountant with CAANZ, a member of the Accounting & Finance Association of Australia and New Zealand (AFAANZ) and a member of the Australian and New Zealand Third Sector Research (ANZTSR).