Less complex entities (LCEs) are important constituents of economies worldwide, and account for the great majority of entities. At the same time, increasingly complex structures and transactions need to be addressed in the International Standards on Auditing (ISAs). As complexity in the ISAs can pose challenges for audits of LCEs, the International Auditing and Assurance Standards Board (IAASB) has developed a draft standard that is proportionate to the typical nature and circumstance of an LCE audit.
The Institute is seeking comments on the IAASB Exposure Draft Proposed International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (ISA for LCE) by 31 December. To facilitate responses, the IAASB has prepared an optional response template.
Learn more about the proposed standard by reading the overview article from the International Federation of Accountants (IFAC) and the IAASB webpage.
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