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Audits of less complex entities – AASB

Date recorded:

At its meeting on March 9-10, 2020, the AASB provided input to the IAASB members from Canada on possible responses to feedback on the IAASB’s Discussion Paper. Matters discussed included:

  1. two proposed IAASB work streams to address audits of less complex entities (LCEs);
  2. the IAASB’s proposed approach to dealing with specific areas within International Standards on Auditing that are challenging to implement; and
  3. whether there are other matters deserving further consideration by the IAASB.

The IAASB plans to discuss the way forward in relation to audits of LCEs at its June 2020 meeting.

Review the executive summary on the AASB's Web site.

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