Exposure Draft, Proposed International Standard on Auditing of Financial Statements of Less Complex Entities
IAASB
Jul 23, 2021 | Exposure Drafts and Consultation Papers
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Comments due by: Jan 31, 2022
Smaller, less complex entities play a vital role in the world’s economy. In an increasingly complex world with evolving reporting needs, a need for a set of high-quality requirements tailored for the audits of less complex entities has emerged. With this consultation, the IAASB is moving to provide a globally consistent approach at a time where a number of jurisdictional-specific less complex entity standards are emerging, which is not in the public interest.
The IAASB strongly encourages all interested stakeholders to provide their feedback by January 31, 2022. The standard is relevant to users of financial statements, owners, management and those charged with governance of entities, preparers of financial statements, legislative or regulatory authorities, relevant local bodies with standard-setting authority, professional accountancy organizations, academics, regulators and audit oversight bodies, and auditors and audit firms, among others.
Stakeholders can submit responses using the “Submit Comment” button.
"Mapping" documents, ISAs to Proposed ISA for LCE, are also available.
Copyright © 2022 The International Federation of Accountants (IFAC). All rights reserved.
Submitted Comment Letters
1. Crowe Macro Auditores e Consultores (Brazil)
November 19, 2021
2. MNP LLP (Canada)
December 10, 2021
3. Canadian Public Accountability Board (Canada)
December 13, 2021
4. Federation of Accounting Professions (Thailand)
December 15, 2021
5. Financial Reporting Council (United Kingdom)
December 17, 2021
6. Dmitrii Romanov (Russian Federation)
December 17, 2021
7. Hunter College Graduate Program (United States)
December 22, 2021
8. FEDERACIÓN ARGENTINA DE CONSEJOS PROFESIONALES DE CIENCIAS ECONÓMICAS (Argentina)
December 28, 2021
9. Business Information Providers Association (United Kingdom)
January 7, 2022
10. Andrew Wallis
January 9, 2022
11. International Organization of Securities Commissions (IOSCO) (Spain)
January 12, 2022
12. Duncan & Toplis Limited (United Kingdom)
January 14, 2022
13. Institute of Certified Public Accountants of Uganda (Uganda)
January 18, 2022
14. Confederation of Swedish Enterprise (Sweden)
January 21, 2022
15. European Federation of Accountants and Auditors for SMEs
January 21, 2022
16. Australian Council of Auditors General
January 21, 2022
17. Institute of Indonesian Chartered Accountants (IAI) (Indonesia)
January 23, 2022
18. SRA (Netherlands)
January 24, 2022
19. FAR (Sweden)
January 24, 2022
20. Finnish Association of Authorised Public Accountants (Finland)
January 25, 2022
21. Kammer der Steuerberater und Wirtschaftsprüfer (KSW, Austrian Chamber of Tax Advisors and Public Accountants) (Austria)
January 25, 2022
22. Committee of European Auditing Oversight Bodies
January 25, 2022
23. Audit Scotland (United Kingdom)
January 26, 2022
24. INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) (Ghana)
January 26, 2022
25. Accountancy Europe
January 26, 2022
26. Chartered Accountants Ireland (Ireland)
January 26, 2022
27. The Malaysian Institute of Certified Public Accountants (MICPA) (Malaysia)
January 26, 2022
28. Institute of Singapore Chartered Accountants (ISCA) (Singapore)
January 27, 2022
29. Saudi organization for Chartered and Professional Accountants (Saudi Arabia)
January 27, 2022
30. Korean Institute of Certified Public Accountants (KICPA) (Korea, Republic of)
January 27, 2022
31. Hong Kong Institute of Certified Public Accountants (Hong Kong (Special Administrative Region of China))
January 27, 2022
32. International Forum of Independent Audit Regulators (IFIAR) (Japan)
January 27, 2022
33. Association of International Accountants (United Kingdom)
January 27, 2022
34. PPPK Kemenkeu (Indonesia)
January 28, 2022
35. PwC
January 28, 2022
36. External Reporting Board (XRB) New Zealand (New Zealand)
January 28, 2022
37. Irish Auditing & Accounting Supervisory Authority
January 28, 2022
38. Institut der Wirtschaftspruefer in Deutschland e.V. (IDW) (Germany)
January 28, 2022
39. CNCC - CSOEC (France)
January 28, 2022
40. WPK (Germany)
January 28, 2022
41. Indonesian Committee on Public Accountant Profession (KPAP) (Indonesia)
January 28, 2022
42. Indonesian Institute of Certified Public Accountants (Institut Akuntan Publik Indonesia – IAPI) (Indonesia)
January 28, 2022
43. Baker Tilly International Limited
January 28, 2022
44. Famme & Co. Professional Corporation
January 28, 2022
45. IBR-IRE (Belgium)
January 28, 2022
46. BDO (United Kingdom)
January 28, 2022
47. The Association of Practising Accountants (United Kingdom)
January 28, 2022
48. The Swedish Inspectorate of Auditors (Sweden)
January 29, 2022
49. Ammattitilintarkastajat - Yrkesrevisorer r.y. (i.e. "The Association of the Authorised Public Practicing Accountants") (Finland)
January 29, 2022
50. Spiegel Accountants B.V. - The Netherlands (Netherlands)
January 29, 2022
51. ASK KSA Consulting Inc. (Canada)
January 29, 2022
52. Moore Global Network Limited
January 29, 2022
53. Instituto Argentino de Docentes de Auditoría (Argentine institute of Auditing Professors) (Argentina)
January 30, 2022
54. Office of the Auditor-General of New Zealand
January 30, 2022
55. Vera Massarygina (Russian Federation)
January 30, 2022
56. Audit Oversight Board, Securities Commission Malaysia (Malaysia)
January 30, 2022
57. CPA Australia
January 30, 2022
58. Accounting and Finance Association of Australia and New Zealand
January 30, 2022
59. ETY sas
January 30, 2022
60. Ordre National des Experts Comptables et des Comptables Agréés du Burkina Faso (ONECCA-BF)
January 30, 2022
61. Grant Thornton International Limited
January 31, 2022
62. Office of the Auditor General of Alberta (Canada)
January 31, 2022
63. Public Accountants and Auditors Board (Zimbabwe)
January 31, 2022
64. The Institute of Internal Auditors
January 31, 2022
65. SAIPA (South Africa)
January 31, 2022
66. Institute of Chartered Accountants of the Maldives (Maldives)
January 31, 2022
67. The Japanese Institute of Certified Public Accountants (Japan)
January 31, 2022
68. Chamber of Financial Auditors of Romania (Romania)
January 31, 2022
69. Institute of Certified Public Accountants of Cyprus
January 31, 2022
70. AUASB
January 31, 2022
71. Instituto de Censores Jurados de Cuentas de España (Spain)
January 31, 2022
72. PKF International Limited
January 31, 2022
73. Chartered Accountants Australia and New Zealand (CA ANZ) and the Association of Chartered Certified Accountants (ACCA)
January 31, 2022
74. Nordic Federation of Public Accountants
January 31, 2022
75. Institute of Chartered Accountants in England and Wales (ICAEW)
January 31, 2022
76. Malaysian Institute of Accountants (Malaysia)
January 31, 2022
77. National Association of State Boards of Accountancy (NASBA) (United States)
January 31, 2022
78. Instituto Nacional de Contadores Publico de Colombia (Colombia)
January 31, 2022
79. Institute of Chartered Accountants of Namibia (Namibia)
January 31, 2022
80. EXPERTsuisse (Switzerland)
January 31, 2022
81. Institute of Certified Public Accountants of Kenya
January 31, 2022
82. International Federation of Accountants (IFAC)
January 31, 2022
83. MHA Monahans (United Kingdom)
January 31, 2022
84. AICPA's Auditing Standards Board
January 31, 2022
85. Mazars
January 31, 2022
86. CVM (Brazil)
January 31, 2022
87. The Norwegian Institute of Public Accountants (Norway)
January 31, 2022
88. Sayer Vincent LLP (United Kingdom)
January 31, 2022
89. KPMG International
January 31, 2022
90. ICAS (United Kingdom)
January 31, 2022
91. NOFA foundation (Russian Federation)
January 31, 2022
92. Botswana Institute of Chartered Accountants (Botswana)
January 31, 2022
93. Self regulating audit association Sodruzhestvo (SRO AAS), the Russian Federatiom (Russian Federation)
January 31, 2022
94. Brunel University London (United Kingdom)
January 31, 2022
95. ASEAN Federation of Accountants (AFA)
January 31, 2022
96. IFAC SMP Advisory Group
January 31, 2022
97. PIBR (Poland)
January 31, 2022
98. ASSIREVI
January 31, 2022
99. Regional Branch of the Polish Chamber of Statutory Auditors in Warsaw (Poland)
January 31, 2022
100. Institute for Tax Advisors and Accountants (Belgium)
January 31, 2022
101. Union of Chambers of Certified Public Accountants of Turkey (TURMOB) (Turkey)
January 31, 2022
102. Institute of Chartered Accountants of Jamaica (Jamaica)
January 31, 2022
103. REA AUDITORES-CONSEJO GENERAL DE ECONOMISTAS
January 31, 2022
104. Instituto Mexicano de Contadores Publicos (IMCP) (Mexico)
January 31, 2022
105. Rodoula Roussou (Greece)
January 31, 2022
106. The Chamber of Auditors of the Czech Republic (Czech Republic)
January 31, 2022
107. Canadian Auditing and Assurance Standards Board
January 31, 2022
108. The Malta Institute of Accountants (Malta)
January 31, 2022
109. Ernst & Young Global Limited
January 31, 2022
110. T he Institute of Chartered Accountants of Pakistan (Pakistan)
January 31, 2022
111. Botswana Accountancy Oversight Authority (Botswana)
January 31, 2022
112. HLB International
January 31, 2022
113. Chartered Governance and Accountancy Institute in Zimbabwe
January 31, 2022
114. Eurasian Group of Accountants and Auditors
January 31, 2022
115. GGI Auditing Reporting and Compliance Practice Group
January 31, 2022
116. Society of Certified Accountants and Auditors of Kosovo (SCAAK) (Kosovo)
January 31, 2022
117. CohnReznick, LLP
January 31, 2022
118. Royal NBA, the Netherlands Institute of Chartered Accountants (Netherlands)
January 31, 2022
119. Price Bailey LLP (United Kingdom)
January 31, 2022
120. RSM International
January 31, 2022
121. CPA Ireland (Ireland)
January 31, 2022
122. Azets Audit Services (United Kingdom)
January 31, 2022
123. Lao Chamber of Professional Accountants and Auditors
February 1, 2022
124. Nexia Smith & Williamson (United Kingdom)
February 1, 2022
125. Pan-African Federation of Accountants (PAFA)
February 1, 2022
126. Society of Professional Accountants of Canada (Canada)
February 1, 2022
127. Swedish National Audit Office (Sweden)
February 1, 2022
128. Nexia International
February 1, 2022
129. Walter A. Sánchez Ch. (Colombia)
February 1, 2022
130. Asha Sharma (India)
February 1, 2022
131. Auren
February 1, 2022
132. Instituto Salvadoreño de Contadores Públicos (ISCP) (El Salvador)
February 1, 2022
133. Institute of Certified Public Accountants of Rwanda (ICPAR) (Rwanda)
February 2, 2022
134. Crowe Global
February 3, 2022
135. South African Institute of Chartered Accountants (South Africa)
February 4, 2022
136. Chamber of Auditor of the Republic of Azerbaijan (Azerbaijan)
February 4, 2022
137. Cristian Munarriz (Argentina)
February 4, 2022
138. Kudos International
February 7, 2022
139. United States Government Accountability Office (United States)
February 8, 2022
140. Independent Regulatory Board for Auditors (IRBA) (South Africa)
February 8, 2022
141. Instituto de Auditoria Independente do Brasil - Ibracon
February 8, 2022
142. Auditing and Assurance Standards Board of the Institute of Chartered Accountants of India (India)
February 11, 2022
143. Deloitte Touche Tohmatsu Limited
February 15, 2022
144. Institute of Certified Public Accountants in Israel (Israel)
February 17, 2022
145. Colegio de Contadores Economistas y Administradores del Uruguay (CCEAU) (Uruguay)
February 17, 2022
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