IAASB & IFAC: Less Complex Entities Consultation Survey

30 November 2021
Accounting
South African Accounting Academy

While the IAASB encourages all interested stakeholders to respond to the consultation in writing, it recognizes that some may not have the time or resources to do so. To help, the IFAC and the IAASB developed a survey to offer an alternative way to participate in the consultation and provide your views.

This survey offers an easy and alternative way to participate in the consultation and provide your views.

The survey is open until 14 January 2022 (with the final deadline date for comments via other channels on 31 January 2022.

The survey is available in English, French and Spanish by clicking the language selector in the survey’s top right corner.

Survey responses will be analyzed by the IAASB alongside all other feedback and help shape the final standard; individual survey responses are confidential

Click here to access the Survey:

https://ifac.us7.list-manage.com/track/click?u=9e7d9671563ff754a328b2833&id=90974efc68&e=ca73287098

How does this affect you and your clients?

Relevance to Auditors, Independent Reviewers & Accountants:

Auditors, independent reviewer and other professional accountants are encouraged to formally respond to this proposed international standard, as it will affect the majority of their clients, and how they are audited and independently reviewed.

Practitioners must perform their engagements in accordance with International Standards on Auditing, Review and other related services. If they fail to do so, they may be found negligent and thus incur possible liability.
This proposed standard will affect all entities that are small and medium-sized, and this is estimated to the major part of practitioners’ client bases.
It will also affect preparers of financial statements.
The proposed standard is expected to have simplified procedures proposed for LCEs, which must be followed by auditors, independent reviewers and other professional accountants.
This will affect mandatory, as well as voluntary audits and independent reviews.

Relevance to Your clients:

This is relevant to, among others, users of financial statements; owners; management and those charged with governance of entities.
It will affect audit clients described as less complex, in circumstances where they are voluntary or mandatory audits, or where there are planned audits for entities that are currently only being, or required to be, reviewed (not audited).

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