Tuesday, July 27, 2021
The IAASB has developed a new draft standard for the audit of a Less Complex Entity
ED ISA-LCE. Find out more about the AUASB’s plan to support the IAASB’s consultation on this draft new standard which will occur over the next 6 months.
The AUASB recognises the importance of the new international proposals for audits of Less Complex Entities and will issue a Consultation Paper to Expose ED ISA-LCE. The AUASB Consultation Paper will provide an overview of how the AUASB is requesting feedback from Australian stakeholders on the proposed new standard. Additionally, and importantly, the AUASB will seek stakeholder feedback on potential areas to further explore that will seek to specifically assist Australian stakeholders in the area of auditing less complex entities.
Furthermore, the Consultation Paper will provide stakeholders with details in relation to Australian outreach on this important project. The AUASB Consultation Paper will be released in September 2021 and the AUASB invites all stakeholders to comment on the Consultation Paper via the AUASB website.