AUASB issues revised ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity (July 2020)

Monday, June 29, 2020

The AUASB and NZAuASB have been working together to update ASRE / SRE NZ 2410 to incorporate changes to the auditor’s review report as a result of the enhanced auditor’s report, and to include conforming amendments as a result of the IAASB’s project regarding non‑compliance with laws and regulation (NOCLAR). As a result the AUASB now releases revised ASRE 2410. The main changes to ASRE 2410 are to reorder the auditor’s review report for consistency with the auditor’s report, to report a material uncertainty related to going concern under the heading “Material Uncertainty Related to Going Concern” instead of an emphasis of matter, and to update communication requirements and alignment of terminology for NOCLAR.

For further details on the changes to ASRE 2410 refer to the Basis for Conclusions. This Auditing Standard on Review Engagements is operative for financial reporting periods commencing on or after 1 July 2020 with early adoption permitted.

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