Auditing Less Complex Entities | ICAEW

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ICAEW welcomes IAASB’s initiative and the timely improvement of a new normal for auditing a lot less complex entities, hopefully lessening the danger of jurisdictional divergence.&#13

For some time now, several auditors will have been informed that the prospect of an worldwide normal for the audit of less sophisticated entities (LCEs) was on the horizon.
Early in 2021, this development and its importance was explored in Audit & Past. Now, the Global Auditing and Assurance Specifications Board (IAASB) has issued a draft standard.

There are already several Global Benchmarks on Auditing (ISAs), so why insert another? As the actions of bigger firms and world wide groups have become ever more elaborate, so have ISAs. For many LCEs, they are disproportionately intricate and prolonged