Audits of Less Complex Entities - IAASB

Date recorded:

At its meeting on December 5-9, 2022, the IAASB, after presenting an updated version of proposed Part 10 and the related authority, voted on, and unanimously approved the Exposure Draft of the proposed Part 10 along with the proposed conforming amendments resulting from Part 10. With respect to the authority, the Board also agreed to include two examples of a size threshold for which the use of the standard may be appropriate (i.e., the European Commission’s definition of a “small enterprise” and another contrasting example that also broadens the geographical scope of the examples) in the main body of the authority. The IAASB will publish the ED-Part 10 in January 2023 with a 90-day comment period. The LCE Task Force will continue to work on the drafting of updates to further areas identified as in need of more significant revisions, for discussion with the Board in March 2023.

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