IFAC releases comment letter on LCE discussion paper
Released 13 August 2019
The International Federation of Accountants (IFAC) has published its comment letter on the International Audit and Assurance Standards Board (IAASB) discussion paper on Audits of Less Complex Entities.
The letter is aimed at highlighting ‘the importance of the issues covered’ in the discussion paper, and to ‘share other relevant activities on the part of IFAC.
The press release that accompanies the letter states that ‘concerns remain about the application of International Standards on Auditing (ISAs) to less complex entities (LCEs). We applaud the IAASB’s initiative to consider the situation holistically and chart the best way forward, and we believe that these challenges will be best resolved through thoughtful and constructive input and engagement from the largest possible number of diverse global stakeholders.’
The letter itself recommends that member organisations take the time to complete its survey on the project.