Description of the auditor's responsibilities
Here we set out the auditor's responsibilities that apply to the context of an audit engagement.
Paragraph 41(c) of ISA (NZ) 700 (Revised) allows the description of the auditor’s responsibilities to be moved out of the auditor’s report and referred instead to a website of an appropriate authority.
Therefore, in New Zealand auditor reports, the Auditor’s Responsibilities for the Audit of the General Purpose Financial Report (GPFR) section of an auditor’s report can cross-refer to one of the 18 reports in the drop-down lists below.
NOTE: From December 2018, it is mandatory for Key Audit Matters (KAMs) to be reported in the auditor’s report for all FMC reporting entities considered to have a higher level of public accountability.
Auditor's Responsibilities:
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Group Audit
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Not a Group Audit
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KAMs
are reported
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Audit Report 1
Mandatory for audits of:
- Listed issuers; and
- from December 2018, FMC reporting entities considered to have a higher level of public accountability, or for this same type of entity where the auditor voluntarily reports KAMs prior to December 2018.
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Audit Report 2
Mandatory for audits of:
- Listed issuers; and
- from December 2018, FMC reporting entities considered to have a higher level of public accountability, or for this same type of entity where the auditor voluntarily reports KAMs prior to December 2018.
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Audit Report 3
Where the auditor voluntarily reports KAMs
- For entities that are not FMC reporting entities considered to have a higher level of public accountability.
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Audit Report 4
Where the auditor voluntarily reports KAMs.
- For entities that are not FMC reporting entities considered to have a higher level of public accountability.
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KAMs are not reported
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Audit Report 5
For audits of:
- FMC reporting entities considered to have a higher level of public accountability where the reporting of KAMs is deferred until required in 2018.
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Audit Report 6
For audits of:
- FMC reporting entities considered to have a higher level of public accountability where the reporting of KAMs is deferred until required in 2018.
|
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Audit Report 7
For audits of:
- All other entities that are not FMC reporting entities considered to have a higher level of public accountability;
where the auditor does not report key audit matters. |
Audit Report 8
For audits of:
- All other entities that are not FMC reporting entities considered to have a higher level of public accountability;
where the auditor does not report key audit matters.
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Note: all of these examples assume that a fair presentation framework has been used to prepare the financial statements.
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Group Audit
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Not a Group Audit
|
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KAMs
are reported
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Audit Report 9
For audits of:
- FMC reporting entities considered to have a higher level of public accountability
where GPFR includes service performance information
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Audit Report 10
For audits of:
- FMC reporting entities considered to have a higher level of public accountability
where GPFR includes service performance information
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Audit Report 11
For audits of:
- entities that are not FMC reporting entities considered to have a higher level of public accountability.
- KAMs are voluntarily reported.
where GPFR includes service performance information
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Audit Report 12
For audits of:
- entities that are not FMC reporting entities considered to have a higher level of public accountability.
- KAMs are voluntarily reported.
where GPFR includes service performance information
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KAMs are not reported
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Audit Report 13
For audits of:
- entities where the auditor does not report KAMs
where GPFR includes service performance information
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Audit Report 14
For audits of:
- entities where the auditor does not report KAMs
where GPFR includes service performance information
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Note: all of these examples assume that a fair presentation framework has been used to prepare the financial statements.
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Group Audit
|
Not a Group Audit
|
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KAMs
are reported
|
Audit Report 15
For audits of:
- entities that prepare general purpose financial reports that include service performance information and entity information
where the auditor voluntarily reports KAMs
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Audit Report 16
For audits of:
- entities that prepare general purpose financial reports that include service performance information and entity information
where the auditor voluntarily reports KAMs
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KAMs are not reported
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Audit Report 17
For audits of:
- entities that prepare general purpose financial reports that include service performance information and entity information
where the auditor does not report KAMs
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Audit Report 18
For audits of:
- entities that prepare general purpose financial reports that include service performance information and entity information
where the auditor does not report KAMs
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Note: all of these examples assume that a fair presentation framework has been used to prepare the financial statements.
