The International Auditing and Assurance Standards Board have approved their standard for the audit of less complex entities. The standard is expected to issue following approval by the Public Interest Oversight Board of the IAASB’s due process, which is anticipated in December 2023.
The objective of the project was to develop a separate standard for audits of financial statements of
Less Complex Entities (LCEs) to address issues and challenges related to complexity, understandability, scalability and proportionality for LCEs.
CPA Ireland has welcomed this standard and looks forward to working to support the adoption of the standard globally and for use in the Irish market.