IFAC has submitted a comment letter to further highlight the importance of the issues covered in the IAASB’s Discussion Paper, Audits of Less Complex Entities, noting that concerns remain about the application of International Standards on Auditing (ISAs) to less complex entities (LCEs).
The IAASB is looking to understand the challenges of using ISAs in audits of LCEs. It recognises the global call for action to address issues of complexity, length, understandability, scalability, and proportionality related to using the International Standards on Auditing. The Discussion Paper explores how the IAASB, and others, could further support auditors working in increasingly evolving environments.
IFAC applauds the IAASB’s initiative to consider the situation holistically and chart the best way forward, and believes that these challenges will be best resolved through thoughtful and constructive input and engagement from the largest possible number of diverse global stakeholders.
IFAC is encouraging responses to the Discussion Paper or participation in IFAC’s Audits of Less Complex Entities Survey by 12 September 2019. The survey is available in English, French and Spanish.
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