The International Auditing and Assurance Standards Board (IAASB) has issued new supplemental guidance on auditor reporting in connection with the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (ISA for LCE). This new guidance, designed to be read alongside the ISA for LCE, offers auditors support on making modifications to the auditor’s report when applying the standard. It also covers the use of emphasis of matter and other matter paragraphs, reporting on additional information, and addressing material uncertainties related to going concern.
The guidance includes eight illustrative auditor’s reports, featuring examples of adverse opinions, disclaimers of opinion, and opinions where there is a material uncertainty regarding going concern.
Available on the IAASB website, this new Auditor Reporting Supplemental Guidance complements previously released resources such as videos and webinars, providing a comprehensive toolkit for understanding, adopting, and implementing the ISA for LCE. Further resources, including an adoption guide, additional guidance on the authority of the standard, and a first-time implementation guide, will be released later this quarter.
Info obtained Here
