IAASB outreach plan for audits of less complex entities consultation published

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Aug 31, 2021

On August 31, 2021, the International Auditing and Assurance Standards Board (IAASB) published a targeted outreach plan to continue to drive engagement and solicit feedback on its public consultation on a proposed new standard for audits of financial statements of less complex entities (LCE).

This plan details the IAASB’s focused efforts to facilitate feedback from different stakeholder groups through roundtables, presentations and other related activities. The plan is expected to evolve and will continue to be updated as events and activities are added or confirmed.

The landmark proposed new standard for audits of financial statements of less complex entities responds to demands to have a set of high-quality audit requirements tailored for the needs of less complex entities. The proposed new standard aims to provide a globally consistent approach at a time where several jurisdictional-specific less complex entities standards or related initiatives are arising.

The IAASB strongly encourages all interested stakeholders to provide their feedback on the proposed standard by January 31, 2022. The standard is relevant to users of financial statements, owners, management and those charged with governance of entities, preparers of financial statements, legislative or regulatory authorities, relevant local bodies with standard-setting authority, professional accountancy organizations, academics, regulators and audit oversight bodies, and auditors and audit firms, among others.

Review the press release and outreach plan on the IAASB's website.

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