The International Auditing and Assurance Standards Board (IAASB) released a Feedback Statement sharing the feedback the Board has heard regarding audits of less complex entities in the response of its recent Discussion Paper.
The Discussion Paper, and related outreach activities, solicited perspectives of different stakeholder groups on the issues and challenges surrounding the audits of LCEs. Further information gathering activities will continue until June 2020, when the Board will decide the way forward.
“The extraordinary participation in our consultation and the thoughtful comments we received demonstrate the importance of, and interest in, this initiative, said Tom Seidenstein, Chair of the IAASB. “We are pleased with the high level of engagement we received on this topic globally, and look forward to further engagement as the IAASB progresses its work in this area.”
“We have developed this feedback statement to acknowledge the important and constructive input received to date, but also to keep our stakeholders informed about where we are in this important initiative, said Roger Simnett, LCE Working Group Chair. “The IAASB believes that sharing what we have heard will be useful in stimulating further thinking and exploration of this very important topic towards developing recommendations.”
Click here to view the Feedback Statement document.
Click on the link below to view the Discussion Paper:
Audits of Less Complex Entities (LCEs): Exploring Possible Options to Address the Challenges in Applying the ISAs