IAASB opens Public Consultation on Narrow Scope Amendments to meet Expectations for Public Interest Audits

The International Auditing and Assurance Standards Board (IAASB) launched a consultation process on proposed narrow scope amendments to achieve greater convergence with the International Ethics Standards Board for Accountants’ (IESBA) International Code of Ethics for Professional Accountants (Including Independence Standards).

These proposed revisions have two key objectives. Firstly, to align definitions and requirements in IAASB standards with new definitions for publicly traded and public interest entities (PIE) in the IESBA Code. Secondly, to extend the applicability of existing differential requirements for listed entities to meet heightened stakeholder expectations regarding audits of PIEs.

Key proposed revisions include extending the scope of the entities included under the International Standards on Quality Management and the International Standards on Auditing.

The IAASB invites all stakeholders to provide feedback on the Exposure Draft by 8 April 2024, using the digital Response Template, which is available on:
https://www.iaasb.org/publications/proposed-narrow-scope-amendments-isqms-isas-and-international-standard-review-engagements-2400?utm_source=Main+List+New&utm_campaign=255e278ab6-IAASB-alert-consultation-PIE&utm_medium=email&utm_term=0_-255e278ab6-%5BLIST_EMAIL_ID%5D