December 2023
The International Federation of Accountants (IFAC), which comprises 180 member organizations and represents millions of professional accountants globally, congratulates the International Auditing and Assurance Standards Board (IAASB) on its new standalone standard for audits of less complex entities.
Now that the ISA for LCE has been issued, IFAC encourages its member organizations to adopt or advocate for adoption of the ISA for LCE in their jurisdictions or promote voluntary use of the standard.
In 2024, IFAC will begin gathering data about potential adoption plans and evaluations at the jurisdiction level, with the intention of reporting examples and other relevant data in the future as it does with other international standards and best practices that IFAC member organizations are required to adopt, implement, and report on.
Find out more
here.
Source: www.ifac.org