The International Auditing and Assurance Standards Board (IAASB) has published a comprehensive first-time implementation guide for the International Standard on Auditing for Less Complex Entities (ISA for LCE) a standalone global auditing standard tailored specifically for audits of financial statements of smaller and less complex entities (LCEs).

The guide offers a clear overview of the standard’s underlying concepts, structure, and format. It provides practical, step-by-step guidance for each Part of the standard, including illustrative examples and comparisons with the International Standards on Auditing (ISAs), helping practitioners confidently and effectively apply the ISA for LCE.

The guide complements a suite of existing resources, including an adoption guide, supplementary materials on the standard’s authority and auditor reporting, as well as instructional videos and webinars. Collectively, these resources provide a robust toolkit to support the successful implementation of the ISA for LCE.

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