The Briefing Paper argues that ISAs were not originally developed by the IAASB for use primarily in auditing large public interest entities, that the ‘clarified’ ISAs’ additional requirements and ISQC 1 are not more onerous for SMEs and that SMEs and SMPs were involved in the development of the standards. It also refutes the concern about extensive documentation burdens.

Related files:
 Briefing Paper 07 Proportionality and ISAs 1109