IFAC SMP Advisory Group Response to the IAASB Audits of LCEs Exposure Draft

In an increasingly complex world with evolving reporting needs, a need for a set of high-quality requirements tailored for the audits of less complex entities has emerged

IFAC

Feb 1, 2022 | Comment Letters

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The SMPAG strongly supports the IAASB Exposure Draft to create a separate, standalone standard for audits of LCEs. In our comment letter on the related discussion paper as well as our response to the IAASB Proposed Strategy for 2020-2023 and Work Plan for 2020-2021, we stated that this is an extremely important initiative that should be a high priority for the Board. We have been pleased with the swift action of the Board to move this project to the proposed standard development phase and appreciate all of the work to progress this proposal, as well as the multiple opportunities provided for the SMPAG to engage and provide feedback as the ED was being developed. The SMPAG does have some concerns as outlined in our letter, but we do not believe these concerns should delay the issuance of this important standard for LCEs.