Notice is hereby given, pursuant to the Legislation Act 2019, that the New Zealand Auditing and Assurance Standards Board of the External Reporting Board has issued Amendments to Auditing and Review Engagement Standards as a Result of the Revisions to Financial Reporting Standards.

Amendments to Auditing and Review Engagement Standards as a Result of the Revisions to Financial Reporting Standards:

• applies to audit or review engagements performed in accordance with XRB Standards;
• is published on 25 May 2023 and takes effect on the 28th day after the date of its publication under the Legislation Act 2019 and commences to apply as set out below; and
• is secondary legislation for the purposes of the Legislation Act 2019.

Commencement and application

The accounting periods in relation to which this standard commences to apply are:

1. for an early adopter, those accounting periods, following and including, the early adoption accounting period.
2. for any other auditor or assurance practitioner, those accounting periods following, and including, the first accounting period that begins on or after the mandatory date.

early adopter means an auditor or assurance practitioner that applies this standard for an early adoption accounting period.

early adoption accounting period means the accounting period:

1. that begins before the mandatory date but has not ended or does not end before this standard takes effect (and to avoid doubt, that period may have begun before this standard takes effect); and
2. for which the early adopter:
   1. first applies this standard for any audit or review engagement; and
   2. discloses in the auditor’s or assurance practitioner’s report for that accounting period that this standard has been applied for that period.

mandatory date means 1 January 2023.

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 25th day of May 2023.

MARJE RUSS, Chair, New Zealand Auditing and Assurance Standards Board.