Assurance reports on bank disclosure statements

Status: open

Consultation period: 8 weeks

Background to consultation

We are proposing to make changes to the assurance reports that are required to accompany registered banks’ public disclosure statements.

We have heard concerns that the current requirements result in assurance reports that are complex and hard to read. We are therefore consulting on changes to the Orders in Council that set banks’ disclosure requirements and the associated assurance requirements. The changes are designed to rationalise the structure of the assurance reports and hence improve their readability. We are not intending to change the scope, nature, or level of assurance, of the assurance engagements required for bank disclosure

The consultation paper sets out the evolution of the assurance requirements that have led us to this point, a summary of the problems as they now stand, our proposals to address them, and some high-level questions on the costs and benefits of making the proposed changes.

This consultation paper should be read in conjunction with the accompanying documents also published on this page. These set out the detailed text changes to the disclosure Orders in Council that would be needed to implement the proposals, separately for New Zealand-incorporated banks and for overseas-incorporated banks.

We are seeking feedback on our proposals from banks’ auditors, banks themselves, and any other interested parties.

To implement the changes, we will need to recommend to the Minister of Finance that he advises the Governor General to make the necessary amending orders. Subject to that process and any feedback we receive, we aim to have the changes take effect from 30 June 2022.

How to make a submission

We invite submissions on this Consultation Paper by 15 March 2022.

Please note the disclosure on the publication of submissions detailed in the consultation document.

Address submissions and enquiries to [email protected] with subject line: Consultation on Bank Disclosure Assurance Requirements January 2022.

Requirements currently in force

The current versions of the assurance requirements can be seen in our “working copies” of the registered bank disclosure Orders in Council, available from the following page:

Disclosure Requirements