At its meeting on June 14-23, 2021, the IAASB approved an Exposure Draft of its new standard on auditing the financial statements of less complex entities. The Board agreed that consultation is needed on the draft new standard, including its scope and content, and intends to undertake rigorous outreach to obtain input of those for whom the standard is intended. The standard is intended to be a standalone standard and is based on similar concepts to the ISAs, i.e., the requirements are principles-based with the objective of obtaining sufficient appropriate audit evidence to support a reasonable assurance opinion. The draft standard will be published for consultation in late July and the comment period will be open until the end of January 2022. It is also intended that the Exposure Draft and its supporting documents will be published in Spanish and French.

Review the summary, including the podcast, on the IAASB's Web site.