Notice is given, pursuant to the Legislation Act 2019, that the New Zealand Auditing and Assurance Standards Board (acting under delegated authority of the External Reporting Board) has issued the Professional and Ethical Standard 1, International Code of Ethics for Assurance Practitioners (including International Independence Standards) (New Zealand) (“standard”).

The standard:

• Was issued on 12 March 2026 under section 12(b) of the Financial Reporting Act 2013.
• Takes effect on the 28th day after the date of this notice.
• Is secondary legislation for the purposes of the Legislation Act 2019.

Commencement and Application

The accounting periods in relation to which sections 5405 and 5406 of the standard commence to apply are for accounting periods beginning on or after 1 July 2028.

The accounting periods in relation to which the rest of the 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, assurance practitioner or firm, those accounting periods following, and including, the first accounting period that begins on or after the mandatory date.

early adopter means an auditor, assurance practitioner or firm 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 an audit engagement or an assurance engagement; and
2. discloses in the auditor’s report or the assurance report for that accounting period that this standard has been applied for that period.

mandatory date means 15 December 2026.

This standard is available on the website of the External Reporting Board at www.xrb.govt.nz.

Copies may also be inspected free of charge at the offices of the XRB, Level 6, 154 Featherston Street, Wellington.

This standard is administered by the External Reporting Board

Dated this 12th day of March 2026.

GRAEME PINFOLD, Chair, New Zealand Auditing and Assurance Standards Board.