NZ first to adopt international auditing standards

For immediate release
24 September 2009
Media Release:

New Zealand first to adopt international auditing standards

From 1 October New Zealand becomes the first country to apply the full suite of new international standards for auditing.

For audits of financial statements covering periods beginning on or after 1 October 2009, auditors complying with New Zealand auditing standards (ISAs (NZ)) will also be able to assert compliance with international standards on auditing (ISAs).

Bruce Bennett, General Manager, Standards and Advocacy for the New Zealand Institute of Chartered Accountants, said this change completes a process started in 2005 of strengthening auditing and financial reporting in New Zealand.

“Over the past four years we have been progressively adopting the international standards and educating our members on these new standards. From 1 October we will have adopted all 36 standards.

“Auditing will continue to be under the spotlight in this economic environment. Shareholders, directors and the public expect high quality financial reporting. The maintenance of high quality audits in accordance with best practice is also important for the effective operation of our capital markets.

“The adoption of these standards is one of the steps that NZICA and its members are taking to ensure our professionals are following international best practice.

“Many of the large accounting firms have already adopted these standards because of their international work. However, this is the first time that all of our members who perform audits will be operating under the new standards.

“We will be ensuring our members are aware of the new standards and the new areas of focus,” said Mr Bennett.

Notes for editors:
• The effective date for other jurisdictions for the international standards is 15 December 2009, with the exception of Australia, where it is 1 January 2010.
• The International Standards on Auditing (ISAs) are issued by the International Auditing and Assurance Standards Board of IFAC. IFAC is the global organization for the accountancy profession who promotes the adoption and implementation of international standards and develops guidance for its members.

ENDS

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