In December 2023, the IAASB introduced the International Standard on Auditing for Financial Statements of Less Complex Entities (ISA for LCE), designed specifically for audits of smaller, less complex organizations. To support this standard, the IAASB has now released an updated FAQ document that responds to common questions gathered through webinars and outreach since the standard’s launch. This new FAQ replaces the previous version and offers clear, practical guidance to help users apply the standard effectively.

This latest FAQ completes the IAASB’s package of support materials for the ISA for LCE, which also includes an adoption guide, fact sheet, first-time implementation guide, and other supplemental tools. Together, these resources provide a thorough framework to assist auditors in implementing the standard consistently.

The IAASB continues to engage actively with stakeholders and regulators worldwide to encourage the adoption and correct application of the ISA for LCE. Although the FAQ does not modify or override the official standard, it serves as a valuable resource to promote uniform interpretation and use.

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