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 Revisions to Professional and Ethical Standard 1: Addressing the Objectivity of an Engagement Quality Reviewer and Other Appropriate Reviewers:

Revisions to Professional and Ethical Standard 1: Addressing the Objectivity of an Engagement Quality Reviewer and Other Appropriate Reviewers:

• Is effective:
  • For Part 4A: for audits or reviews of financial statements for periods beginning on 15 December 2022.
  • For Part 4B: assurance engagements beginning on or after 15 December 2022.
  • For all other engagements within the scope of Part 3: engagements beginning on or after 15 December 2022.

Early adoption is permitted.

• takes effect from the date of the notification of its issue in the New Zealand Gazette, pursuant to section 27(2)(a) and (b) of the Financial Reporting Act 2013; 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 8th day of July 2021.

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