Now Available from the IAASB: New ISA for LCE Guidance on Auditor Reporting

The International Auditing and Assurance Standards Board (IAASB) has released new supplemental guidance on auditor reporting as it relates to the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities, known as the ISA for LCE. Meant to be read with the ISA for LCE, the new guidance provides assistance to auditors about modifications to the auditor’s report when using the standard. The guidance also includes information on using emphasis of matter and other matter paragraphs, reporting on other information, and reporting on a material uncertainty related to going concern.

Additionally, the guidance features eight illustrative auditor’s reports, including examples of adverse opinions, disclaimer of opinions, and opinions when there is a material uncertainty related to going concern.

Accessible on the IAASB website, this new Auditor Reporting Supplemental Guidance complements previously released resources, while additional resources will be published this quarter.

For more information, and to access the new guidance, visit: www.iaasb.org/ISAforLCE