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Audits of less complex entities [ED]

AASB comment period ends August 14, 2019

IAASB comment period ends September 12, 2019

Next Steps:

The IAASB will review the feedback it receives on its Discussion Paper

Last up­dated:

September 2019

Overview

On April 29, 2019, the International Auditing and Assurance Standards Board (IAASB) published a Discussion Paper, Audits of Less Complex Entities: Exploring Possible Options to Address the Challenges in Applying the International Standards on Auditing (ISAs). The IAASB seeks to further understand the challenges of using ISAs in audits of less complex entities—and views about possible actions to address these challenges.

The IAASB recognizes the global call for action to address issues of complexity, length, understandability, scalability, and proportionality related to using the ISAs. Continuing the debate on these strategic issues, the Discussion Paper explores how the IAASB, and others, could further support auditors working in increasingly evolving environments. 

 

Other de­vel­op­ments

May 2019

On May 30, 2019, the AASB issued its Discussion Paper that corresponds to the IAASB’s discussion paper on this topic. Stakeholders are encouraged to submit their comments by August 14, 2019.

April 2019

On April 29, 2019, the IAASB published a Discussion Paper, Audits of Less Complex Entities: Exploring Possible Options to Address the Challenges in Applying the International Standards on Auditing (ISAs). Comments are requested by September 12, 2019.

September 2018

At its meeting in September 2018, the IAASB approved a project relating to obtaining stakeholder views on matters related to the issues and challenges when auditing less complex entities.

 

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