IAASB’s post-exposure consultation on its listed and PIEs project

Accountancy Europe welcomes the International Auditing and Assurance Standards Board’s (IAASB) efforts to enhance the clarity and consistency of requirements within the ISQMs and ISAs as part of the PIE Track 2 Project. We believe these amendments are important steps toward improving audit quality and ensuring auditors can effectively address the unique characteristics of Public Interest Entities (PIEs). 

We emphasise the need for alignment between IAASB and IESBA definitions to enhance clarity and consistency for auditors, entities and regulators. While we acknowledge the IAASB’s efforts to refine the definitions (PIEs) and Publicly Traded Entities (PTEs), we remain concerned that certain aspects of the proposed amendments may lead to confusion and inconsistencies in practice. 

We highlight concerns that the IAASB’s flexibility in allowing a narrower, locally adjusted (PTEs) definition may risk inconsistency with the goal of promoting global harmonisation. While we acknowledge this flexibility as a practical solution, we believe further guidance is necessary to ensure consistent treatment of entities listed in non-regulated markets. 

Read our full response to the consultation in the “Download” section.