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Have you heard? ISA for LCE is coming!
- 21 November 2023
- Auditing and Assurance
- South African Accounting Academy
This is a separate standard for audits of financial statements of Less Complex Entities (LCEs) to address issues and challenges related to complexity, understandability, scalability and proportionality for LCEs.
Refer to our previous Technical Alert dated 12 August 2021, when the IAASB issued the Proposed ISA for LCE.
Click here to download the 170-page Proposed ISA for LCE:
Click here to read more and watch a video:
https://www.iaasb.org/news-events/2023-11/have-you-heard-isa-lce-coming-soon
Relevance to Auditors, Independent Reviewers & Accountants:
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As an auditor and independent reviewer, you need to comply with International Standards on Auditing and other Assurance Services, and thus you need knowledge of newly revised standards that are approved as well as when they become effective.
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Failure to adhere to ISAs may be interpreted as negligence and you could be held liable.
Relevance to Your Clients:
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None