Audit of less complex entities
Change is on the horizon for audits of less complex entities. Katharine Bagshaw outlines ICAEW's position - and practitioners share their take on developments.
ICAEW has recently submitted its response to the International Auditing and Assurance Standards Board (IAASB) on its discussion paper (DP) Audits of Less Complex Entities: Exploring Possible Options to Address the Challenges in Applying the ISAs (see tinyurl.com/AB-ALC1). We discussed this DP in the July/August 2019 edition of Audit & Beyond . Readers may remember that IAASB was seeking views on, among other things, the possibility of developing a separate auditing standard for less complex entities (LCEs).
The ICAEW working group that developed the response was comprised mainly of volunteer practitioners from small and medium practices (SMP), chaired by Price Bailey partner Catherine Willshire.