ICAEW welcomes IAASB’s initiative and the timely enhancement of a new normal for auditing a lot less elaborate entities, hopefully decreasing the risk of jurisdictional divergence.
For some time now, lots of auditors will have been aware that the prospect of an intercontinental normal for the audit of less advanced entities (LCEs) was on the horizon.
Early in 2021, this growth and its importance was explored in Audit & Beyond. Now, the Global Auditing and Assurance Specifications Board (IAASB) has issued a draft standard.
There are presently many Global Standards on Auditing (ISAs), so why insert a further? As the activities of greater companies and world-wide groups have turn out to be increasingly advanced, so have ISAs. For many LCEs, they are disproportionately elaborate and extensive