ISA for LCE Authority of the Standard Supplemental Guidance

This guidance on the application of the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities, known as the ISA for LCE, will help users in determining the appropriate situations to use the standard. It will be particularly beneficial for legislative and regulatory authorities implementing the standard, firms developing related policies or procedures, and auditors determining whether the standard is appropriate to use for a specific engagement.

This guidance complements previously released resources, including videos, webinars, and the Auditor Reporting Supplemental Guidance. Later this year, the IAASB will also issue an adoption guide and a first-time implementation guide. Collectively, these materials provide a comprehensive toolkit for navigating adoption and implementation of the ISA for LCE.

This guidance does not amend or override the ISA for LCE, the text of which alone is authoritative. Reading the guidance is not a substitute for reading the ISA for LCE. For more information and to access the new guidance, visit: www.iaasb.org/ISAforLCE