28/08/2018
New Zealand Regulatory Board revises the Agreed Upon Procedures Engagement Standard
The New Zealand Regulatory Board (NZRB) has revised and reissued its engagement standard on agreed upon procedures APS-1(revised) Agreed-Upon Procedures Engagements to Report Factual Findings. Feedback to the recently closed consultation demonstrated significant support for the reforms and the new standard will apply for engagements where members are appointed after 1 January 2019. Early adoption is permitted. Existing engagement standard APS -1 Statement of Agreed Upon Procedures Engagement Standards 1 (APS -1) and its accompanying guidance statement APG-1 Guideline on Performance of An Agreed Upon Procedures Engagements will be withdrawn on 1 January 2019.
The new APS-1(revised) provides clear guidance on the aims and objectives of an Agreed Upon Procedures engagement and clarifies how these differ from other types of engagements such as audits and reviews. By understanding these differences, members, clients and regulators are more likely to choose the engagement type that is best suited to their needs.
The standard also provides comprehensive requirements and guidance material on engagement design, acceptance, performance and reporting. Appendices contain examples and specimen documentation for further support.
The standard can be found on this CA ANZ webpage, which provides links to FAQs and a Perspective article discussing the reforms. A Project summary and Feedback statement explains the project, and shows how the feedback received during the consultation process was responded to by the NZRB in determining the final standard.
Peter Vial
New Zealand Country Head
