IAASB Opens Public Consultation on Less Complex Group Audits

The International Auditing and Assurance Standards Board (IAASB) opened the public consultation for a group audit-specific section of the proposed auditing standard for less complex entities (LCEs), available on: https://www.iaasb.org/focus-areas/new-standard-less-complex-entities?utm_source=Main+List+New&utm_campaign=96711926d9-IAASB-LCE-ED-alert-1.24.23&utm_medium=email&utm_term=0_-96711926d9-%5BLIST_EMAIL_ID%5D.

The proposed section, Part 10, Audits of Group Financial Statements, is intended to form part of the proposed International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (ISA for LCE), when finalised.

Group audits were not included in the scope of the original Exposure Draft of the ISA for LCE, available on:

Given stakeholder feedback, the IAASB reconsidered this decision and developed proposals that address audits of less complex groups.

With the inclusion of group audits, the IAASB has proposed changes to the authority of the proposed ISA for LCE. The IAASB invites all stakeholder to comment on the exposure draft via the IAASB website on:
The exposure draft is open for public comment until 2 May 2023.