A of Less Complex New Standard for Audits Entities

12 August 2021
Auditing and Assurance
South African Accounting Academy

Based on the feedback from the previously-published discussion paper and outreach, this draft standard is proportionate to the typical nature and circumstance of an audit of a less complex entity and is responsive to those stakeholders challenges and is a global solution.

The new stand-alone standard for audits of less complex entities:

Is designed specifically for audits of a less complex entities
Is based on the underlying concepts from International Standards on Auditing
Was developed to be understandable, clear and concise
Reduces the risk of jurisdictional divergence by driving consistency and comparability globally
Will achieve a quality audit engagement

The deadline date for comments is 31 January 2022.

Comments may also be submitted to IRBA via email to standards@irba.co.za by 30 November 2021. They will collate all comments and submit to the IAASB.

When final, the standard will meet the growing global need while reducing the emerging risk of jurisdictional divergence.

Click here to download the 170-page Proposed ISA for LCE:

https://www.ifac.org/system/files/publications/files/IAASB-Exposure-Draft-Audits-Less-Complex-Entities.pdf

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