News and Articles
Building value by building quality
In his 2009 book Start With Why, and accompanying record-breaking TED talk, Simon Sinek describes how unless we understand and can articulate why we do what we do we
The LCE Standard – the biggest change in auditing since 2009?
1 July 2025 The new Less Complex Entities Auditing Standard has at last been approved for NZ. This represents the biggest change in the audit landscape
What’s wrong with AI?
Yes, we’re a tech company and all tech companies are getting excited about AI right? Why would we not be excited? In this article I
Depreciation as an estimate
Reading the accounting standards, depreciation is clearly regarded as an estimate. Yet in many of our audit files this is ignored. Why? I suspect this
Conference 2025 – Round up
Our first national conference was a great success. Below are some of the highlights. The panel discussion with Justin Reid, Cameron Town, Bill Heritage, and Paul
Less Complex Audits for Less Complex Entities?
We started to hear about a new audit standard for Less Complex Entities way back in 2019. The NZ XRB have now released a consultation document for feedback
New Audit Standard for Groups – ISA 600 (Revised)
For periods beginning on or after 15 Dec 2023 (effectively year ended 31 December 2024) there is a new standard for Group Audits. Early adoption is
Proposed Standard for Service Performance in Review Engagements
In April 2024 the XRB issued a draft standard to be used where Service Performance Information (SPI) is included in a Review Engagement. This is
Updates to NFP financial reporting thresholds
For accounting periods that end on or after 28 March 2024, the threshold levels for not-for-profit entities have changed. Let’s review New Zealand’s reporting landscape
Document Management Tools and Audit Assistant
Many firms using Audit Assistant also have specific document management systems for their wider document management and cloud storage requirements. Users have asked us what
Updates to audit engagement letters
If you are preparing engagement letters for assurance engagements, there are some changes of which you should be aware. These are contained in PS 3:
Materiality for Not-For-Profits – what is the best approach?
Many audit firms have their own internal policies and methodologies for setting materiality. However many of our smaller firms struggle with a consistent approach. What
Changes to reporting for small not-for-profits in NZ
For those who prepare and audit financial statements for “small” (under $5m expenditure) charities and other not-for-profits, there are some important changes coming up. In
What’s different with the new NZ AS1 (Revised)?
The new standard for the audit of service performance (NZ AS1 (Revised)) is actually much simpler than the original standard released over three years ago. Diligent auditors
Walk-through tests – are they necessary?
So we have a typical small not for profit: poor division of duties, no real controls apart from two signatories for payments, a review of
Tier 3 charities with revalued assets – help!
So, you are preparing financial statements for a Tier 3 charity – or auditing them – and the board have come up with the bright
Common pitfalls in Tier 3 audit files
In assisting a range of Audit firms with their Quality Control I get to see quite a few files for review, mostly Tier 3 charities.
Compiling a file for an audit?
Audit Assistant has been making online collaboration tools for auditors for many years, so we thought why not use this incredible functionality to help accountants
The latest on the LCE (Less Complex Entities) standard
Is this project that we have all eagerly anticipated actually going to happen? It appears so. I recently attended an IFAC webinar (recording is here)
ISA 315 Overview – Understanding the Entity and Environment and Controls
We’ve talked about risk assessment, professional scepticism, responding to identified risks, and the business model in terms of ISA 315 (revised 2019). But the bulk of the actual requirements of
ReviewTools by Audit Assistant
Ever wish you could take your current complex review and documentation processes and put them into one bespoke, secure, elegant online solution without spending hundreds
Instituting continuous improvement practices
Kaizen, also known as continuous improvement, is a long-term approach to work that systematically seeks to achieve small, incremental changes in processes in order to improve
ISA 315 Overview – Understanding the Business Model
The concept of understanding an entity’s business model, including how it uses Information Technology (IT) is new in ISA 315 (Revised 2019). Understanding the business
ISA 315 Overview – Automated Tools and Techniques
Remember CAATs? This was an acronym for Computer Assisted Audit Tools – a general category for all things computery that helped us work with more
Incorporated Societies Act 2022 – Reporting Changes
There’s a new Act in town. And some people aren’t happy, claiming that this could be an ‘extinction event’ for many small clubs. The 1908 Act
New Annual Family Trust Review Tool
Does your firm administer any family trusts? Then you will no doubt be aware of the increased requirements under the Trusts Act 2019 for ensuring all the