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ISCA has provided comments on IAASB’s Exposure Draft on Proposed Narrow Scope Amendments to:
- International Standards on Quality Management;
- International Standards on Auditing; and
- International Standard on Review Engagements 2400 (Revised), Engagements to Review Historical Financial Statements
as a Result of the Revisions to the Definitions of Listed Entity and Public Interest Entity in the IESBA Code.
ISCA is supportive of the overarching objective to uphold public interest in extending differential auditing requirements to public interest entities. However, we highlighted that in determining the scope of entities to be subjected to additional requirements, focus should be given to the extent of public interest in the financial condition of that entity.
ISCA will be working with the respective authorities and agencies during implementation to address the profession’s concerns heard through the outreach activities on the scope of entities to be subjected to these requirements.
Click here to read our detailed comments.
Click here for the IAASB’s Exposure Draft.