An Analysis of Submissions on Proposed Regulations for Audit and Assurance in New Zealand

36 Pages Posted: 15 Dec 2011

See all articles by Marion Davis

Marion Davis

d-Tek Limited

David Hay

University of Auckland - Business School

Date Written: December 12, 2011

Abstract

After numerous collapses of finance companies in New Zealand, and widespread losses by investors, self-regulation of the auditing profession was no longer considered adequate, or acceptable internationally. The Government sought to restore public perceptions of audit quality and investor confidence in the financial markets with proposals to change existing accounting standards and audit and assurance requirements. The proposals included a review engagement for some entities, and imposing the force of law on auditing standards. We analyse the public submissions on the auditing and assurance aspects of these proposals. Many respondents objected to the proposal requiring small public sector and not-for-profit entities to obtain review engagements, and to giving auditing standards the force of law.

Keywords: Auditing, Regulation, Review Engagements, Financial Report Preparers

JEL Classification: M40, M42, M48

Suggested Citation

Davis, Marion and Hay, David, An Analysis of Submissions on Proposed Regulations for Audit and Assurance in New Zealand (December 12, 2011). Available at SSRN: https://ssrn.com/abstract=1971479 or http://dx.doi.org/10.2139/ssrn.1971479

Marion Davis

d-Tek Limited ( email )

David Hay (Contact Author)

University of Auckland - Business School ( email )

12 Grafton Rd
Auckland, 1010
New Zealand

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