The International Auditing and Assurance Standards Board (IAASB) today released a new first-time implementation guide for the ISA for LCE—the standalone global auditing standard designed specifically for audits of financial statements of smaller and less complex entities (LCE). The guide provides an overview of the standard’s concepts, structure, and format. It offers step-by-step insights into each Part of the standard with examples and comparisons to ISAs, equipping practitioners with the tools to effectively implement the ISA for LCE.
Available on the IAASB website, the guide complements previously released resources, including an adoption guide, supplementary guidance on the authority of the standard and on auditor reporting, videos, and webinars. Together, these materials form a comprehensive toolkit to support effective implementation.
This guidance does not amend or override the authoritative text of the ISA for LCE but serves as a valuable resource to facilitate understanding and application. Explore the guide and additional resources at: www.iaasb.org/ISAforLCE.
About the ISA for LCE Built on the foundation of the International Standards on Auditing (ISAs), theInternational Standard on Auditing for Audits of Financial Statements of Less Complex Entities, or the ISA for LCE, is proportionate and tailored to the specific needs of audits of less complex entities. Its streamlined approach enhances usability for practitioners performing these engagements.
