Key Takeaways from IAASB’s Third Conference on the Audits of Financial Statements Less Complex Entities

At the beginning of May 2022, the International Auditing and Assurance Standards Board held the third and final Paris conference in collaboration with the Compagnie Nationale des Commissaires aux Comptes (CNCC) and Conseil Supérieur de l'Ordre des Experts-Comptables (CNOEC) to discuss and explore how to move forward in progressing the separate standard for audits of the financial statements of Less Complex Entities (LCEs). The event produced great discussions on the feedback to the IAASB Exposure Draft, Proposed International Standards on Auditing for Audits of Financial Statements of Less Complex Entities (ED-ISA for LCE), and possible options for moving forward. Over 130 people from more than 30 countries joined the conference either in person in Paris or virtually.

This publication details the key takeaways. If you would like to know more about the IAASB’s work on Audits of LCEs, please visit the project page for further information.