First Revision for ISA for Less Complex Entities

The IAASB is undertaking a maintenance project to align, to the greatest extent possible, the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (the ISA for LCE) to the International Standards on Auditing (ISAs), in a proportionate way, as a result of the following IAASB projects:

• ISA 240 (Revised), The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements;
• ISA 570 (Revised 2024), Going Concern;
• The narrow scope amendments to the ISAs as a result of the revisions to the definitions of listed entity and public interest entity (PIE) in The International Ethics Standards Board for Accountants’ (IESBA) International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code); and
• The narrow scope amendments to IAASB Standards arising from the IESBA’s using the work of an external expert project.

This maintenance project will be conducted as contemplated in the Maintenance Approach.

Project Timeline

Please note that forecasted milestones are targets and are subject to change.

Current Status of the Project

Refer to the IAASB’s “Latest on Our Projects” page for the latest status of the Maintenance of the ISA for LCE Project.

Project Team

IAASB Staff Contacts

• Jasper van den Hout 
• Isabelle Raiche 

Project Board Members

• Greg Schollum
• Hernán Casinelli