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IAASB communique details plans to develop separate standard for Audits of Less Complex Entities

  • IAASB - Assurance Image

Dec 15, 2020

On December 15, 2020, the International Auditing and Assurance Standards Board (IAASB) published a new communique detailing plans for the new standard, including current thinking on what the standard will look like, what entities it will apply to, and the development timeline.

During its December 2020 meeting, the IAASB held its first public discussions on the draft of a separate standard being developed for an audit of less complex entities and the official project proposal to complete and publish the draft standard for public consultation in 2021. The IAASB approved the project proposal and early draft.

Review the press release and communique on the IAASB's website.

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