The International Auditing and Assurance Standards Board (IAASB) has released a comprehensive adoption guide designed to help jurisdictions adopt the ISA for LCE, an alternative to the full suite of International Standards on Auditing. The guide provides valuable insights into the adoption process, highlighting common steps and successful approaches, while also addressing potential challenges. The guide also outlines steps for legislative, regulatory, or relevant local bodies with standard-setting authority to allow practitioners to use the ISA for LCE.
Accessible on the IAASB website, the adoption guide complements previously released resources, including videos, webinars and guidance. These materials will be supplemented by a first-time implementation guide later this year. Together, these resources offer a robust toolkit for navigating and implementing the ISA for LCE.
The new guidance does not amend or override the ISA for LCE, the text of which alone is authoritative. Reading the guidance is not a substitute for reading the ISA for LCE. For more information and to access the new guidance, visit: www.iaasb.org/ISAforLCE
The International Standard on Auditing for Audits of Financial Statements of Less Complex Entities
This comprehensive adoption guide is designed to help jurisdictions adopt the ISA for LCE, an alternative to the full suite of International Standards on Auditing. The guide provides valuable insights into the adoption process, highlighting common steps and successful approaches, while also addressing potential challenges. The guide also outlines steps for legislative, regulatory, or relevant local bodies with standard-setting authority to allow practitioners to use the ISA for LCE.
This is the third and final installment in a three-part publication series to help small- and medium-sized practices implement the International Auditing and Assurance Standards Board’s new quality management standards. The IAASB’s suite of quality management standards were issued in December 2020 and came into effect in December 2022.
Installment Three: Monitoring and Remediation provides tips and guidance for the practical implementation of the monitoring and remediation of a firm’s system of quality management.
