Notice is hereby given, pursuant to section 24 of the Financial Reporting Act 2013, that the New Zealand Auditing and Assurance Standards Board of the External Reporting Board has issued Amendments to Professional and Ethical Standard 1 (Revised) Provisions Addressing the Long Association of Personnel with an Assurance Client and Amendments to the Definition of a Public Interest Entity.

Amendments to Professional and Ethical Standard 1 (Revised) Provisions Addressing the Long Association of Personnel with an Assurance Client and Amendments to the Definition of a Public Interest Entity:

• The amended definition and paragraphs 290.148 to 290.168 are effective for audits and reviews of financial statements for periods beginning on or after December 15, 2018;
• the amended definition and paragraphs 291.137 to NZ291.141.1–15 are effective for other assurance engagements covering periods of time for periods beginning on or after December 15, 2018, otherwise these paragraphs are effective as of December 15, 2018;
• early adoption is permitted; and
• is a disallowable instrument for the purposes of the Legislation Act 2012.

Copies of the standard 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 22nd day of February 2018.

ROBERT BUCHANAN, Chairman, New Zealand Auditing and Assurance Standards Board.