SMPAG Response to the IAASB Work Plan Survey

The SMPAG supports the IAASB’s current standard-setting projects underway. They believe the Audits of Less Complex Entities project should be a priority for the Board and welcome the significant progress that has been made and the forthcoming consultation on the draft standard. They also noted their preference on prioritization of 8 projects that the IAASB is considering. They believe that responding to assessed risks, analytical procedures, and audit sampling are the top three topics that SMPs continue to have challenges within practice and should therefore be a priority of the Board over the next few years, although a full scope revision of each applicable standard may not be required in all cases.