Audits of Less Complex Entities


The objective of this initiative is to explore possible actions to address perceived issues when undertaking audits of less complex entities for further IAASB consideration.


Beverley Bahlmann

Working Group
Project Stages




The Board discussed a proposed Discussion Paper (DP), Audits of Less Complex Entities: Exploring Possible Options to Address the Challenges in Implementing the ISAs. The discussion highlighted the shift in focus on complexity of the entity rather than its size in driving the ongoing discussions and activities to address issues and challenges in audits of less complex entities (LCEs). The Board was supportive of the DP’s overall direction, noting the importance of the project and the need for action by the IAASB and others.

The Board liked the simple, clear way the DP had been presented and noted it was appropriate for its key target audience (i.e., auditors of LCEs). The Board made suggestions for improvements, particularly with respect to the issues and challenges, the possible actions presented within the DP and the questions to be posed to respondents in order to obtain relevant and useful feedback. Proposed changes to the DP will be presented in a Board call on April 10th, with the final DP targeted to be published for public consultation before the end of April 2019.


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