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NEW EXPOSURE DRAFTS ISSUED IN NEW ZEALAND - RESPONDING TO A SUSPECTED ILLEGAL ACT AND PROPOSED CHANGE TO DEFINITION THOSE CHARGED WITH GOVERNANCE |
| Source: | IESBA | | Country: | New Zealand | | Date: | 09/09/2012 | | Contributor: | Andy Lymer | | Web: | http://www.xrb.govt.nz |
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The IESBA has issued two exposure drafts in respect of proposed amendments to the Code of Ethics.
Responding to a Suspected Illegal Act
The NZAuASB has issued an invitation to comment (ITC) on the IESBA proposals that address the circumstances where an assurance provider shall override the fundamental principle of confidentiality and disclose a suspected illegal act to an appropriate external authority. This ITC seeks feedback from constituents not only on the proposals of the IESBA, but also on how the NZAuASB will revise the international standard for New Zealand, should the IESBA finalise the exposure draft as it is.
Responses to this Invitation to Comment will be considered by the NZAuASB when:
- developing the New Zealand response to the IESBA's exposure draft about the provisions dealing with responding to a suspected illegal act; and
- making final decisions about these provisions in Exposure Draft Professional and Ethical Standard 1 (Revised).
Comments are due to the NZAuASB by 30 November and to the IESBA by 15 December 2012.
Proposed Change to the Definition of "Those Charged with Governance"
This IESBA exposure draft proposes to more closely align the definition of "those charged with governance" in the Code of Ethics with that in the International Standards on Auditing (ISAs). The NZAuASB propose to adopt the proposals as outlined by the IESBA.
Comments are due to the NZAuASB by 5 October 2012 and to the IESBA by 31 October 2012. |
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