What standards do auditors follow in NZ?
Table of Contents
What standards do auditors follow in NZ?
Standards
- NZ AS 1. The Audit of Service Performance Information.
- ISA (NZ) 210. Agreeing the Terms of Audit Engagements.
- ISA (NZ) 220. Quality Control for an Audit of Financial Statements.
- ISA (NZ) 230. Audit Documentation.
- ISA (NZ) 240.
- ISA (NZ) 250 (Revised)
- ISA (NZ) 260 (Revised)
- ISA (NZ) 265.
What are the audit requirements for companies in New Zealand?
An overseas company must file audited financial statements if, at the balance date for the 2 preceding accounting periods, at least 1 of the following applies: the total assets for the company and its subsidiaries were more than NZ$22 million. the total revenue was more than NZ$11 million.
What are the auditing standards?
Standards on Auditing
| Standards on Quality Control (SQCs) | |
|---|---|
| SQC 1 | Quality Control for Firms that Perform Audit and Reviews of Historical Financial Information, and other Assurance and Related Services Engagements |
| SA 320 | Materiality in Planning and Performing an Audit |
| SA 330 | The Auditor’s Responses to Assessed Risks |
WHO issues auditing standards in NZ?
The Auditor-General’s Auditing
The Auditor-General’s Auditing Standards establish the standards to be applied to audits, inquiries, and other auditing services carried out on behalf of the Auditor-General.
What is an FMC audit?
FMC audits are defined in the Auditor Regulation Act 2011 and include audits of the financial statements of FMC reporting entities. FMC reporting entity audits are defined in the Financial Markets Conduct Act 2013 and must comply with the Financial Reporting Act 2013.
How many standards on auditing are there?
List of SAs applicable for audits of F.Y. 2017-18
| S.N. | Standard Number (SA) (100-999) | Standards on Auditing (SAs) |
|---|---|---|
| 21. | 530 | Audit Sampling |
| 22. | 540 | Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures |
| 23. | 550 | Related Parties |
| 24. | 560 | Subsequent Events |
When must company audited?
Companies that require an audit All public and state-owned companies are thus required to be audited. Any other company whose public interest score in that financial year is at least 100 (but less than 350) and whose annual financial statements for that year were internally compiled.
What companies must be audited?
Medium-sized charities with annual revenue of more than $250,000 must have their financial statements reviewed or audited, while organisations that fall under the Incorporated Association Act and large charities with annual revenue of more than $1 million must have their financial reports audited.
How many audit standards are there?
In the United States, the standards are promulgated by the Auditing Standards Board, a division of the American Institute of Certified Public Accountants (AICPA). AU Section 150 states that there are ten standards: three general standards, three fieldwork standards, and four reporting standards.
What is an FMC reporting entity?
The FMC Act defines an FMC reporting entity as any person or company that is: an issuer of a regulated financial product. licensed under Part 6 of the FMC Act (other than an independent trustee of a restricted scheme) a licensed supervisor.
Does my company need to be audited?
In Singapore, every registered company is required to file financial statements and have their statements and accounting records officially audited every year, unless they are exempt from audit.