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Smaller, less complex entities (LCEs) make crucial contributions to the world economy and account for the great majority of entities globally. At the same time, increasingly complex structures and transactions need to be addressed in the International Standards on Auditing (ISAs). This complexity in the ISAs can pose challenges for audits of less complex entities.
Based on the feedback from a discussion paper and outreach, the IAASB has developed a draft standard that is proportionate to the typical nature and circumstance of an audit of a less complex entity, is responsive to those stakeholders challenges and works as a global solution.
The IAASB is seeking comments on the exposure draft of this new standard. When finalised, the standard will meet the growing global need while reducing the emerging risk of jurisdictional divergence.
ISCA takes a leading role in advocating the views and proposals of the audit community in Singapore and actively undertakes public consultation with its members and stakeholders. ISCA would hence like to seek views from key stakeholders in Singapore on the above.
ISCA requires all comments to be submitted to technical@isca.org.sg by 9 November 2021.
Please click here for the IAASB ED.