Exposure Draft, Proposed International Standard on Auditing of Financial Statements of Less Complex Entities

IAASB
Jul 23, 2021 | Exposure Drafts and Consultation Papers
English

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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.

DOWNLOAD PDF (2.4 MB)

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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