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New ISA for LCE Adoption Guide
- 01 October 2024
- Auditing and Assurance
- South African Accounting Academy
Summary:
The International Auditing and Assurance Standards Board (IAASB) has published a comprehensive adoption guide designed to help jurisdictions adopt the ISA for LCE (International Standard on Auditing for Audits of Financial Statements of Less Complex Entities), an alternative to the full suite of International Standards on Auditing (ISAs).
Article:
The guide provides valuable insights into the adoption process, highlighting common steps and successful approaches, while also addressing potential challenges.
The guide also outlines steps for legislative, regulatory, or relevant local bodies with standard-setting authority to allow practitioners to use the ISA for LCE.
The adoption guide complements previously released resources, including videos, webinars and guidance. These materials will be supplemented by a first-time implementation guide later this year. Together, these resources offer a robust toolkit for navigating and implementing the ISA for LCE.
It is worth noting that South Africa has not yet decided to adopt this ISA for LCE.
Click here to download the 11-page Adoption Guide:
https://ifacweb.blob.core.windows.net/publicfiles/2024-09/IAASB-ISA-for-LCE-Adoption-Guide.pdf
Relevance to Auditors, Independent Reviewers & Accountants:
- Auditors, Independent Reviewers and Accountants should also be aware of the latest publications issued by regulators and standard-setting boards, such as the IAASB.
- In conducting an audit in accordance with ISAs, auditors are required to comply with all the requirements that are relevant to the latest standards, as well as proposed amendments.
- The guide provides assistance for auditors about adopting the ISA for LCE.
- It is worth noting that South Africa has not yet adopted this ISA for LCE.