Consultation response

17 September 2019

IAASB consultation on Audits of Less Complex Entities

Accountancy Europe recommends developing a separate SME audit standard

One year and a half after our call for action to the IAASB, we are delighted to respond to its auditing less complex entities (LCEs) consultation. In this consultation, the IAASB frequently referred to the options we explored in our publication Simplifying auditing standards for small or non-complex entities (April 2018).

What priorities for the IAASB?

Our response to the IAASB’s consultation highlights the following 3 priorities for the IAASB:

  1. as the first priority, develop a separate standard for LCE audits based on the ISAs
  2. in the longer term, use the separate standard as an opportunity to revise the ISAs as a whole with a think simple first/building blocks approach
  3. anticipate, and plan the converging of the above exercises.
Next steps

Some EU Members States’ experiences in applying a separate national LCE standard could serve as a starting point for the IAASB to create its standard. Accountancy Europe can act as a platform where the IAASB and our members countries’ can exchange and collaborate on this issue.

Debating this strategic issue is part of the programme of our Members’ Engagement Day on 2 October 2019.

Related content

EventMembers’ Engagement Day

2 October 2019

EventSimplifying auditing standards for small or non-complex entities

30 May 2018

PublicationSimplifying auditing standards for small or non-complex entities

12 April 2018

EventReinforcing SMEs’ cyber resilience

28 February 2023

BlogCollaboration – the key to high-quality sustainability education framework for accountants

23 January 2023

UpdateSME Update

20 January 2023

PublicationKey factors to develop and use audit quality indicators

13 January 2023

PublicationIndependent assurance on ESEF – the block tagging requirement

15 December 2022

UpdateAudit Policy

9 December 2022

PublicationFAQs: all you need to know about the Corporate Sustainability Reporting Directive

23 November 2022

UpdateSME Update

17 November 2022

EventSMEs’ sustainable transition: how to support it?

15 November 2022

PublicationSustainability education

14 November 2022

PublicationSME risk management – cyber risks & resilience checklist

10 November 2022

NewsEC’s proposal to ban products made using forced labour

28 October 2022

UpdateAudit Policy

26 October 2022

EventMembers’ Engagement Day

19 October 2022

Stories from practiceInsight from SME accountants: sustainability matters for the new generation

12 October 2022

EventThe impact of bribery and corruption on SMEs

11 October 2022

UpdateSME Update

30 September 2022

UpdateAudit Policy

13 September 2022

Stories from practiceInsights from SME accountants: taking up the sustainability challenge to help SMEs

29 August 2022

Stories from practiceInsights from SME accountants: from professional sports to environmental accounting

9 August 2022

Sign up for our newsletter

* indicates required
Would you like to subscribe to our newsletter?
On which topics would you like to receive news?