The Audit Code of Practice serves as the authoritative guide for audit practitioners and firms operating in New Zealand's regulatory environment. It is designed to ensure consistency, quality, and integrity in audit practices across all sectors. The code is particularly crucial in light of evolving business complexities and regulatory requirements, providing comprehensive guidance on everything from basic audit principles to specialized engagements. This document should be used as the primary reference for audit methodology, quality control, and professional standards compliance. It incorporates requirements from key New Zealand legislation, international standards, and professional guidelines, making it an essential tool for maintaining high standards in the audit profession. The code is regularly updated to reflect changes in regulatory requirements, professional standards, and emerging best practices in the audit field.
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1. Introduction and Purpose: Overview of the code's objectives and its role in maintaining audit quality and professional standards
2. Scope and Application: Defines who must comply with the code and under what circumstances it applies
3. Definitions: Comprehensive glossary of terms used throughout the code
4. Legal and Regulatory Framework: Overview of relevant legislation and regulatory requirements that govern audit practice in New Zealand
5. Fundamental Principles: Core principles including integrity, objectivity, professional competence, confidentiality, and professional behavior
6. Independence Requirements: Detailed requirements for maintaining auditor independence, including specific circumstances and safeguards
7. Quality Control: Requirements for establishing and maintaining quality control systems within audit firms
8. Audit Methodology: Standard approach and methodology for conducting audits, including planning, risk assessment, and evidence gathering
9. Documentation Requirements: Standards for audit documentation, working papers, and record retention
10. Reporting Requirements: Guidelines for audit reports, including format, content, and communication with stakeholders
11. Professional Development: Requirements for continuing professional education and maintaining competence
12. Monitoring and Compliance: Procedures for monitoring compliance with the code and handling violations
1. Specialist Audit Considerations: Additional requirements for specific industries or types of entities (used when the code needs to address particular sectors)
2. Technology and Data Analytics: Guidelines for using advanced audit tools and techniques (included when addressing modern audit methodologies)
3. Remote Auditing Procedures: Protocols for conducting remote or hybrid audits (relevant when addressing alternative audit delivery methods)
4. Small Entity Considerations: Modified requirements and guidance for auditing smaller entities (included when the code needs to address proportionality)
5. Group Audit Requirements: Specific requirements for group audits (included when addressing complex organizational structures)
1. Schedule 1: Independence Checklist: Detailed checklist for assessing auditor independence
2. Schedule 2: Quality Control Templates: Standard templates for quality control procedures and documentation
3. Schedule 3: Risk Assessment Matrix: Framework for assessing audit risks and determining appropriate responses
4. Schedule 4: Documentation Requirements Checklist: Comprehensive list of required audit documentation
5. Schedule 5: Report Templates: Standard templates for various types of audit reports
6. Appendix A: Ethical Decision-Making Framework: Structured approach to resolving ethical dilemmas
7. Appendix B: Technical References: References to relevant standards, legislation, and guidance
8. Appendix C: Sample Working Papers: Examples of properly completed audit working papers
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