NEW ZEALAND GAZETTE, No. 172

19 DECEMBER 2013

General Section

External Reporting Board

Financial Reporting Act 1993

Amended International Standards on Auditing (New Zealand) for Use of ‘Management’ and ‘Those Charged With Governance’ (Notice No. 57)

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 reissued the following auditing standards, amended for the use of “management” and “those charged with governance”:

• ISA (NZ) 200 Overall Objective of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing (New Zealand)
• ISA (NZ) 210 Agreeing the Terms of Audit Engagements
• ISA (NZ) 230 Audit Documentation
• ISA (NZ) 240 The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements
• ISA (NZ) 250 Consideration of Laws and Regulations in an Audit of Financial Statements
• ISA (NZ) 260 Communication with Those Charged with Governance
• ISA (NZ) 300 Planning an Audit of Financial Statements
• ISA (NZ) 315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment (Revised)
• ISA (NZ) 330 The Auditor’s Responses to Assessed Risks
• ISA (NZ) 402 Audit Considerations Relating to an Entity Using a Service Organisation
• ISA (NZ) 450 Evaluation of Misstatements Identified During the Audit
• ISA (NZ) 500 Audit Evidence
• ISA (NZ) 501 Audit Evidence – Specific Considerations for Selected Items
• ISA (NZ) 505 External Confirmations
• ISA (NZ) 510 Initial Audit Engagements – Opening Balances
• ISA (NZ) 540 Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures
• ISA (NZ) 550 Related Parties
• ISA (NZ) 560 Subsequent Events
• ISA (NZ) 570 Going Concern
• ISA (NZ) 580 Written Representations
• ISA (NZ) 600 Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors)
• ISA (NZ) 620 Using the Work of an Auditor’s Expert
• ISA (NZ) 700 Forming an Opinion and Reporting on Financial Statements
• ISA (NZ) 705 Modifications to the Opinion in the Independent Auditor’s Report
• ISA (NZ) 706 Emphasis of Matter Paragraphs and Other Matters Paragraphs in the Independent Auditor’s Report
• ISA (NZ) 710 Comparative Information – Corresponding Figures and Comparative Financial Statements
• ISA (NZ) 720 The Auditor’s Responsibility in Relation to Other Information in Documents Containing Audited Financial Statements
• ISA (NZ) 800 Special Considerations – Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks
• ISA (NZ) 805 Special Considerations – Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement
• ISA (NZ) 810 Engagements to Report on Summary Financial Statements

Each amended standard:

• Is effective for audit engagements beginning on or after 1 July 2014, with early adoption permitted.
• Is a disallowable instrument for the purposes of the Legislation Act 2012.

Copies of the standards 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 5th day of December 2013.

NEIL CHERRY, Chairman, New Zealand Auditing and Assurance Standards Board.