On or about 29 April 2019, the International Auditing and Assurance Standards Board (IAASB) has released a discussion paper, Audits of Less Complex Entities: Exploring Possible Options to Address the Challenges in Applying the ISAs.
This discussion paper recognizes the challenges faced by practitioners in applying the International Standards on Auditing (ISAs) and focuses on audits of less complex entities (LCEs) using the ISAs, and lays down:
- challenges that have been identified to date, and
- a number of possible actions that could be attempted to address the identified challenges.
This consultation aims at obtaining input on the challenges and to help the IAASB determine its action in relation to audits of LCEs. The IAASB seeks inputs from all stakeholders, especially practitioners auditing LCEs on the matters laid down in this paper, along with any other challenges or possible actions it has not yet thought about.
On or about 24 June 2019, the Institute of Singapore Chartered Accountants (ISCA) seeks comments by 23 July 2019 from key stakeholders in Singapore.
Source: ISCA website, 25 June 2019