Roadmaps to Using the IAASB’s ISA for LCE in Africa

In December 2023 the International Auditing and Assurance Standards Board (IAASB) published the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities, known as the ISA for LCE. The ISA for LCE is a standalone global auditing standard designed specifically for smaller and less complex businesses and organizations. Built on the foundation of the International Standards on Auditing (ISAs), audits performed using this standard provide the same level of assurance for eligible audits: reasonable assurance. The standard is effective for audits beginning on or after 15 December 2025 for jurisdictions that adopt or permit its use. 

This 90-minute webinar, organized by IFAC, the Pan African Federation of Accountants (PAFA) and Fédération Internationale des Experts Comptables et Commissaires aux comptes Francophones (FIDEF) in collaboration with the IAASB, will highlight the main aspects of the ISA for LCE and then present examples on how some African jurisdictions plan to use the standard. Participants will have an opportunity to ask questions.

Draft Agenda (times listed in SAST)

2.00pm	Welcome remarks	Christopher Arnold, Director, IFAC
2.05pm	The ISA for LCE	Kai Morten Hagen, IAASB Member and ISA for LCE Task Force Chair Jasper van den Hout, Director, IAASB Kazuko Yoshimura, Senior Manager, IAASB
2.30pm	Audience Q&As	Moderated by Christopher Arnold, Director, IFAC
2.40pm	Adopting and implementing ISA for LCEs in Francophone Africa	Mamour Fall, Délégué Général, FIDEF
2.55pm	Panel discussion on adoption and implementation featuring speakers from Kenya and Nigeria	Moderated by Thandokuhle Myoli, Executive: Audit and Assurance, South African Institute of Chartered Accountants (SAICA) Dr Iheanyi Anyahara, Co-ordinating Director, Directorates of Accounting Standards, Public & Private Sectors, Financial Reporting Council, Nigeria CPA Catherine Asemeit, Director, Standards & Technical Services, Institute of Certified Public Accountants of Kenya
3.15pm	Audience Q&As	Moderated by Thandokuhle Myoli, SAICA
3.25pm	Concluding remarks	Lebogang Senne, Director, Technical Excellence, PAFA

Background on Audits of Less Complex Entities

The IAASB’s International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (ISA for LCE) is a standalone global auditing standard designed specifically for smaller and less complex businesses. It was issued in December 2023 and is effective for audits of financial statements of less complex entities for periods beginning on or after December 15, 2025. Early adoption is permitted.

The ISA for LCE is built on the foundation of the International Standards on Auditing (ISAs). It provides reasonable assurance and will help maintain confidence in financial reporting and promote the consistent application of auditing standards to less complex entities. It also reduces the risk of jurisdictional divergence by driving consistency and comparability globally.

Importantly, the ISA for LCE does not reduce the quality of an audit; instead, it can help make audits of less complex entities more effective and efficient. The requirements of the new standard were designed to be proportionate to the typical nature and circumstances of an audit of a less complex entity. (i.e., they do not address complex matters or circumstances).

Reading

• IAASB’s ISA for LCE web page
• The ISA for LCE standard