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ISA for LCE: Fact Sheet
- 08 December 2023
- Accounting
- South African Accounting Academy
This fact sheet serves as an introduction to the new ISA for LCE, and summarises the following:
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Background (what, when, how)
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Authority of the standard (when it can be used, necessary steps before the ISA for LCE can be used, etc.)
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Design principles
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The flow of the standard
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Layout of each part of the standard
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Adoption and implementation
The ISA for LCE is a standalone global auditing standard designed specifically for smaller and less complex businesses and organizations. Built on the foundation of the International Standards on Auditing, audits performed using this standard provide the same level of assurance for eligible audits: reasonable assurance.
The standard is effective for audits beginning on or after 15 December 2025 for jurisdictions that adopt or permit its use.
Refer to our Technical Alert of 7 December 2023
Click here to download the Fact Sheet:
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. Thus you need knowledge of newly revised standards that are approved and when they become effective.
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Failure to adhere to ISAs may be interpreted as negligence and you could be held liable.
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As a practitioner, you should be aware of the latest publications that have been issued by regulators, e.g. the IAASB.
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The new ISA for LCE makes it easier to navigate for those practitioners who support smaller and less complex businesses and types of engagements.
Relevance to Your Clients:
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None