IFAC submitted a comment letter to further highlight the importance of the issues covered in the IAASB’s Discussion Paper, Audits of Less Complex Entities.
Notwithstanding significant efforts by many stakeholders, including the IAASB and IFAC, concerns remain about the application of International Standards on Auditing (ISAs) to less complex entities (LCEs). IFAC applauds the IAASB’s initiative to consider the situation holistically and chart the best way forward, and believes that these challenges will be best resolved through thoughtful and constructive input and engagement from the largest possible number of diverse global stakeholders.
IFAC strongly encourages all stakeholders to respond directly to the Discussion Paper or to participate in IFAC’s Audits of Less Complex Entities Surveyby September 12, 2019. The survey is available in English, French and Spanish.
IFAC is submitting this comment letter to further highlight the importance of the issues covered in the IAASB’s Discussion Paper, as well as share other relevant activities on the part of IFAC.
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The SMPC noted that the responsibilities of the engagement partner now exceed those of extant ISA 220. Under extant ISA 220, the engagement team can rely on the firm’s quality control unless there are indications to the contrary. In the Committee’s view, this remains a pragmatic approach.
