The IAASB has issued an updated version of IAPS 1005, The Special Considerations in the Audit of Small Entities, which explains how audits of the financial statements of small entities differ from audits of the financial statements of other entities. It is intended to be used by auditors who already know how to conduct an audit in accordance with ISAs.

The revised IAPS takes account of ISAs issued since March 1999 through March 2003. The IAPS does not establish any new requirements for the audit of small entities nor does it establish any exemptions from the requirements of ISAs. All audits of small entities should be conducted in accordance with ISAs.

Download IAPS 1005 from www.ifac.org/store.