NZAuASB stands for the New Zealand Auditing and Assurance Standards Board. It is an acronym used to represent the independent statutory board established under the Financial Reporting Act 1993 in New Zealand. The NZAuASB focuses on setting and ensuring the implementation of auditing and assurance standards in the country.
The New Zealand Auditing and Assurance Standards Board's main objective is to enhance confidence in the financial reporting and assurance processes across New Zealand. The board achieves this by developing and issuing auditing and assurance standards that must be followed by professional accountants and auditors when conducting external audits and providing related services.
The NZAuASB operates independently from any external entities, such as accounting firms or professional organizations. Its authority comes from the legislation that establishes it, and its mandate is to ensure the highest quality in auditing and assurance services. To fulfill this mandate, the board actively engages with the public, industry practitioners, regulators, and the government to garner input and maintain the relevance of the standards.
The NZAuASB's auditing and assurance standards provide comprehensive guidelines and principles that auditors and assurance practitioners in New Zealand must adhere to when executing their professional responsibilities. These standards govern various aspects of the auditing and assurance process, including planning, conducting, documenting, and reporting on audits, reviews, and other assurance engagements.
The NZAuASB's work encompasses a broad range of entities and industries, aiming to foster public trust and confidence in the financial reporting system by ensuring that audits and assurance services comply with high-quality standards that are periodically reviewed and updated to reflect evolving practices and regulatory requirements.
