11 June 2020 — Consultation Response
Accountancy Europe calls on the IAASB to achieve clear progress towards a draft standard for auditing less-complex entities (LCEs)/ small and medium-sized enterprises (SMEs) by end 2020.
This is especially urgent as:
We believe in using the existing ISA framework to draft a standard that is no longer too complex for LCEs’ needs as the current ISAs are. This will ensure consistent audit approaches globally.
Our response (Sept 2019) to the relevant IAASB’s consultation already highlighted the following 3 priorities for the IAASB:
This followed on our call for action (May 2018) for the IAASB to explore the best solution.
An independent task force already explored such options in our Cogito publication Simplifying auditing standards for small or non-complex entities (April 2018).