Auditing Less Complex Entities | ICAEW

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ICAEW welcomes IAASB’s initiative and the timely improvement of a new common for auditing significantly less sophisticated entities, ideally lowering the risk of jurisdictional divergence.&#13

For some time now, a lot of auditors will have been conscious that the prospect of an worldwide conventional for the audit of much less complicated entities (LCEs) was on the horizon.
Early in 2021, this advancement and its significance was explored in Audit & Beyond. Now, the Global Auditing and Assurance Specifications Board (IAASB) has issued a draft standard.

There are presently several International Criteria on Auditing (ISAs), so why add an additional? As the activities of more substantial businesses and global groups have grow to be increasingly complex, so have ISAs. For lots of LCEs, they are disproportionately advanced and very long