New Zealand will adopt International Standards on Auditing

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08 Jan 2006

The New Zealand Institute of CAs Professional Practices Board (PPB) has decided to adopt International Standards on Auditing (ISAs) as well as the other pronouncements of the International Auditing and Assurance Standards Board, for use in New Zealand.

The Standards will be collectively referred to as New Zealand Equivalents to International Standards. The PPB notes that it may modify the International Standards "by making additions, deletions, or other amendments to the extent permitted by the IAASB's guidance for achieving international convergence with the International Standards...." All modifications will be clearly identified and subject to the PPB's due process. The PPB will issue exposure drafts inviting comment on the IAASB standards in 2006 and 2007. The final standards will be submitted to the NZICA Council for approval in 2007, with a single proposed effective date of 1 January 2008. Click for (PDF 128k).

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