LATEST UPDATE
IAASB Revises Fraud Standard to Enhance Public Trust
The International Auditing and Assurance Standards Board (IAASB) has published a new Frequently Asked Questions document for the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (ISA for LCE), its standard tailored for financial audits of smaller and less complex entities, available on:
This new FAQ addresses common questions received during webinars and outreaches, following the standard’s publication in December 2023.
This release represents the final planned component of the IAASB’s implementation support package for the ISA for LCE.
The FAQ serves as a helpful tool to support consistent understanding and application of the standard.
Please note: On 7 November 2024, the Independent Regulatory Board for Auditors announced its decision not to adopt the ISA for LCE for use in South Africa. The ISA for LCE is only applicable in jurisdictions where the relevant regulators have adopted the ISA for LCE.
Explore the guide and additional resources on: www.iaasb.org/ISAforLCE.
