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The IAASB Standard on Audits of Less Complex Entities (LCEs)

On December 6, 2023, the IAASB published the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities, known as the ISA for LCE. This highly anticipated standalone auditing standard is designed specifically for smaller and less complex businesses and organization audits. The standard is built on the foundation of the International Standards on Auditing (ISAs) and is proportionate & tailored to the specific needs of an audit of less complex entities. The standards will:
  • make it easier for practitioners to navigate the audit for LCEs.
  • provide the same level of assurance as an audit performed under the ISAs: reasonable assurance.
  • help maintain confidence in financial reporting and promote the consistent application of auditing standards to LCEs globally.
  • recognize the importance of smaller businesses and their specific audit needs.




The standard is effective for audits beginning on or after December 15, 2025, for jurisdictions that adopt or permit its use.

Call to Action
Jurisdictions and their oversight authorities and regulators now need decide whether to adopt the standard. Practitioners and others are encouraged to engage with the authorities in their jurisdictions to advocate for the ISA for LCE’s adoption.

All materials can be accessed on the IAASB website.


IAASB Approves Strategy and Work Plan 2024-2027

During the December 2023 IAASB meeting, the Board approved the Strategy and Work Plan for 2024-2027. The final IAASB approved strategy can be found here, on the IAASB meetings webpage for December 2023 and is pending due process approval of the PIOB.

The Strategy for 2024-2027 builds upon the successes of the previous strategy and articulates a vision for the IAASB’s work. The IAASB sets a clear goal for itself in the new strategy, which is to serve the public interest by developing the globally accepted and leading audit, review, and other assurance standards. The IAASB’s aim is to have standards that enable the consistent performance of quality engagements and evolve in a timely manner to meet changing public interest demands.
Other Approvals at the December 2023 Meeting

During the December 2023 IAASB meeting the board also approved two exposure drafts for release.

The first of these is the consultation on proposed narrow scope amendments to achieve greater convergence with the International Ethics Standards Board for Accountants’ (IESBA) International Code of Ethics for Professional Accountants (Including Independence Standards). These proposed revisions have two key objectives.
  • First, they would align definitions and requirements in IAASB standards with the new definitions for publicly traded and public interest entities.
  • Second, the amendments would extend the applicability of existing differential requirements for listed entities to meet heightened stakeholder expectations regarding audits of public interest entities (PIE).






Sustainability Consultation Closed with Great Response

On December 1, 2023 the consultation on the Proposed International Standard on Sustainability Assurance 5000, General Requirements for Sustainability Assurance Engagements closed. The IAASB received 143 comments submitted online.

Other than the comments received, the IAASB also embarked on an extensive outreach program to obtain the views of a variety of stakeholders.  The outreach included in-person roundtables around the world, virtual webinars for global audiences, and regional and national meetings with regulators and oversight bodies. More information on outreach is available on the IAASB website.
  
Welcome to Our New Board Members


We are excited to welcome our new Board Members that joined as of January 2024.
 
Want to join our Board in 2025?

The Invitations for Applications for vacancies on the IAASB have been issued by the Public Interest Oversight Board’s (PIOB) Standard-Setting Boards Nominations Committee for terms beginning January 1, 2024. The application period is open until February 9, 2024.
  
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The IAASB develops auditing and assurance standards and guidance for use by all professional accountants under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAASB, and the Stakeholder Advisory Committee, which provides public interest input into the development of the standards and guidance. 

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