Audits of Less Complex Entities – AASB

Date recorded:

At its meeting on September 8-9, 2022, the AASB discussed issues related to the IAASB’s project to develop a separate standard for audits of less complex entities (LCEs). Key issues included: the Authority of proposed ISA for LCE, including the content and presentation of the qualitative characteristics of a typical LCE; whether to incorporate accounting estimates that are more complex in the ISA for LCE, and if so, how; proposed changes to the Authority to allow less complex group audits to be performed using ISA for LCE, including how to address the use of component auditors; and how to revise requirements to be more proportionate to audits of LCEs.

Re­view the Ex­ec­u­tive Sum­mary on the AASB's Web site.

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