IFAC submitted a comment letter to further highlight the importance of the issues covered in the IAASB’s Discussion Paper, Audits of Less Complex Entities.
Notwithstanding significant efforts by many stakeholders, including the IAASB and IFAC, concerns remain about the application of International Standards on Auditing (ISAs) to less complex entities (LCEs). IFAC applauds the IAASB’s initiative to consider the situation holistically and chart the best way forward, and believes that these challenges will be best resolved through thoughtful and constructive input and engagement from the largest possible number of diverse global stakeholders.
IFAC strongly encourages all stakeholders to respond directly to the Discussion Paper or to participate in IFAC’s Audits of Less Complex Entities Surveyby September 12, 2019. The survey is available in English, French and Spanish.
IFAC is submitting this comment letter to further highlight the importance of the issues covered in the IAASB’s Discussion Paper, as well as share other relevant activities on the part of IFAC.
The IESBA recently proposed changes to its Code of Ethics to promote the role and mindset expected of all professional accountants. To learn more about the key proposed changes, we invite you to our 60-minute webinar on Tuesday, September 10, 2019 at 8 am EST.
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During the webinar, IESBA Deputy Chair Richard Fleck will provide an overview of the proposed revisions, which include:
Highlighting professional accountants’ wide-ranging role in society and the relationship between compliance with the Code and a professional accountant’s responsibility to act in the public interest;
Enhancing the robustness of the fundamental principles of integrity, objectivity and professional behavior;
Requiring professional accountants to have an inquiring mind when applying the conceptual framework; and
Highlighting the importance of being aware of bias and having the right organizational culture.
