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Audit Code Of Practice

Audit Code Of Practice Template for New Zealand

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Key Requirements PROMPT example:

Audit Code Of Practice

"I need an Audit Code of Practice specifically tailored for a mid-sized financial services firm in New Zealand, with particular emphasis on digital audit procedures and remote auditing capabilities to be implemented by March 2025."

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Document background
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.
Suggested Sections

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

Optional Sections

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)

Suggested Schedules

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

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Assurance Engagement
Audit Documentation
Audit Evidence
Audit File
Audit Firm
Audit Opinion
Audit Partner
Audit Report
Audit Risk
Code
Competent Authority
Compliance Framework
Engagement Partner
Engagement Quality Review
Engagement Team
Financial Statements
FMA
Independence
Licensed Auditor
Material
Materiality
Member
Monitoring
Network Firm
NZAuASB
Professional Judgment
Professional Skepticism
Quality Control
Reasonable Assurance
Related Entity
Relevant Ethical Requirements
Reporting Entity
Risk Assessment
Risk of Material Misstatement
Sampling
Significant Risk
Subject Matter Information
Those Charged with Governance
Working Papers
Clauses
Scope and Application
Professional Ethics
Independence
Confidentiality
Quality Control
Documentation Requirements
Risk Assessment
Audit Planning
Evidence Collection
Sampling Methodology
Reporting Requirements
Professional Judgment
Communication
Record Retention
Conflict of Interest
Professional Competence
Continuing Education
Quality Assurance
Non-Compliance Handling
Technology Usage
Data Protection
Client Acceptance
Engagement Planning
Staff Supervision
Review Procedures
Consultation Requirements
Professional Liability
Disciplinary Procedures
Monitoring and Enforcement
Amendment Procedures
Relevant Industries

Financial Services

Banking

Insurance

Public Sector

Listed Companies

Professional Services

Healthcare

Education

Non-profit Organizations

Manufacturing

Retail

Technology

Telecommunications

Energy and Utilities

Real Estate

Construction

Relevant Teams

Audit

Quality Assurance

Risk Management

Compliance

Finance

Professional Standards

Technical Services

Regulatory Affairs

Internal Control

Corporate Governance

Relevant Roles

External Auditor

Internal Auditor

Audit Partner

Audit Manager

Audit Senior

Quality Assurance Manager

Compliance Officer

Risk Manager

Financial Controller

Chief Financial Officer

Audit Committee Member

Board Director

Professional Standards Manager

Technical Director

Regulatory Compliance Manager

Audit Methodology Specialist

Industries
Auditor Regulation Act 2011: Establishes the framework for auditor regulation in New Zealand, including licensing requirements, quality assurance, and oversight of auditors and audit firms
Financial Reporting Act 2013: Sets out the financial reporting framework and requirements for entities in New Zealand, including provisions related to auditing and assurance
Companies Act 1993: Contains specific provisions regarding company auditors, their appointment, duties, and responsibilities in relation to company audits
Financial Markets Conduct Act 2013: Regulates financial markets and financial products, including requirements for audited financial statements of regulated entities
Professional and Ethical Standards (PES): Standards issued by the New Zealand Auditing and Assurance Standards Board (NZAuASB) that establish ethical requirements and professional standards for auditors
International Standards on Auditing (New Zealand): New Zealand-specific versions of international auditing standards that govern how audits should be conducted
Privacy Act 2020: Governs the handling of personal information during audit processes and must be considered when designing audit procedures
Anti-Money Laundering and Countering Financing of Terrorism Act 2009: Includes requirements that may affect audit procedures, particularly for financial institutions and other reporting entities
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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