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The International Auditing and Assurance Standards Board (IAASB) issued the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (ISA for LCE).
Built on the foundation of the International Standards on Auditing (ISAs), the ISA for LCE is a standalone global auditing standard designed specifically for smaller and less complex businesses.
- It is a standalone standard that is proportionate and tailored to the specific needs of an audit of less complex entities, which makes it easier to navigate for those practitioners who support these types of engagements.
- It provides the same level of assurance as an audit performed under the ISAs: reasonable assurance.
- It will help maintain confidence in financial reporting and promote the consistent application of auditing standards to LCEs, which reduces the risk of jurisdictional divergence by driving consistency and comparability globally.
- It recognises the importance of smaller businesses and their specific audit needs.
Please click here to read the standard.
Through outreach activities conducted by ISCA on the exposure draft of the ISA for LCE, mixed feedback was received on the usefulness of the standard. Hence, ISCA will be seeking feedback from the profession on the adoption of the standard in Singapore.