IAASB addresses audit challenges

Released 05 November 2020

The International Auditing and Assurance Standards Board (IAASB) has published a new communique detailing its next steps to address complexity, understandability, scalability, and proportionality, including in the audits of financial statements of less complex entities.

The communique details the IAASB’s efforts to balance the needs of all its stakeholders by developing a separate standard focused on less complex entities while simultaneously addressing complexity, understandability, scalability and proportionality in the International Standards on Auditing more broadly.

The communique can be found at https://www.iaasb.org/publications/iaasb-communique-audits-less-complex-entities.

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