Other standards
IAASB - The International Standard on Auditing for Audits of Financial Statements of Less Complex Entities
International Standard on Auditing for Audits of Financial Statements of Less Complex Entities, known as the ISA for LCE is a standalone global auditing standard designed specifically for smaller and less complex businesses. It is the nature of the business that determines if this standard can be used i.e., how complex the business activities, organizational and ownership structures, finance function, technology, accounting & reporting are. It cannot be used for the audit of entities that are listed or have public interest characteristics.
PCAOB AS 2310 – The Auditor’s Use of Confirmation, and Other Amendments to PCAOB Standard
The Public Company Accounting Oversight Board (PCAOB) adopted a new standard to strengthen and modernize the requirements for the auditor’s use of confirmation – the process that involves verifying information about one or more financial statement assertions with a third party. The new standard reflects changes in technology, communications, and business practices since the interim standard was first adopted by the PCAOB in 2003 after being issued by the AICPA in 1991. The updated standard will better protect investors by strengthening procedures that enhance an auditor’s ability to identify fraud in certain circumstances and improving overall audit quality.