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Auditing Less Complex Entities | ICAEW


ICAEW welcomes IAASB’s initiative and the timely development of a new standard for auditing less complex entities, hopefully reducing the risk of jurisdictional divergence.

For some time now, many auditors will have been aware that the prospect of an international standard for the audit of less complex entities (LCEs) was on the horizon.
Early in 2021, this development and its significance was explored in Audit & Beyond. Now, the International Auditing and Assurance Standards Board (IAASB) has issued a draft standard.Auditing LCEs

There are already many International Standards on Auditing (ISAs), so why add another? As the activities of larger companies and global groups have become increasingly complex, so have ISAs. For many LCEs, they are disproportionately complex and long


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