IAASB Discussion Paper:
Furthering the Debate on Applying the ISAs on Audits of Less Complex Entities (LCEs)
The International Auditing and Assurance Standards Board (IAASB) has published a Discussion Paper, Audits of Less Complex Entities: Exploring Possible Options to Address the Challenges in Applying the International Standards on Auditing (ISAs) which seeks to further understand the challenges of using the ISAs in audits of less complex entities—and views about possible actions to address these challenges.
In this Discussion Paper the IAASB recognizes the global call for action to address issues of complexity, length, understandability, scalability, and proportionality related to using the ISAs. Continuing the debate on these strategic issues, the Discussion Paper explores how the IAASB, and others, could further support auditors working in increasingly evolving environments.
Feedback on this document is requested to the AUASB by 31 August 2019 from all interested stakeholders.
Click here to submit a comment