Chapman Tripp submission on the Directors’ responsibility statement in audit reports

Chapman Tripp recently provided a submission to the New Zealand Auditing and Assurance Standards Board (NZAuASB) consultation on the directors’ responsibility statement in audit reports.

We supported the NZAuASB effort to clarify that directors no longer have direct statutory responsibility for the preparation and audit of financial statements, but considered the proposal did not go far enough. 

The NZAuASB has partly addressed this issue in its amended audit standards which will become mandatory for audits of financial statements for periods ending on or after 15 December 2016.  However, early adoption is permitted and – given that the finalised standard is an improvement on the status quo as it more correctly reflects recent changes to the law – we would expect most audit firms to adopt it promptly.

Chapman Tripp submission on the Directors' responsibility statement in audit reports Print this article Download free Acrobat Reader here

Related topics: Financial services regulation

Financial services regulation

Related Services

{{vm.keywordQuery}}

{{vm.results.totalRows}}

{{vm.message}}

 

Related Sectors

{{vm.keywordQuery}}

{{vm.results.totalRows}}

{{vm.message}}

   

News & Publications