Australian Government
Auditing and Assurance Standards Board
Wednesday, November 24, 2021
The AUASB encourages all stakeholders to respond in writing to the AUASB’s Consultation Paper Exposure of the IAASB’s Auditing for Audits of Financial Statements of Less Complex Entities (ISA for LCE); and Consideration of possible alternative options for Australian LCE audits recognising that the Consultation Paper has two objectives, one being feedback on the IAASB’s ISA for LCE and the other being on possible options in the Australian market to further explore.
The IAASB has recognised that many organisations may not have the time and resources to respond in detail to the IAASB’s Exposure Draft process (part A of the AUASB Consultation Paper). To assist stakeholders, the IAASB and IFAC have developed a survey to make it easier to participate in the IAASB’s consultation and provide views. A link to the survey is provided here. If Australian stakeholders choose to partake in this survey, the AUASB strongly encourages you to share your survey response with the AUASB via email at [email protected] so that your views may be used in the AUASB’s deliberations and response to the IAASB on the LCE exposure draft.