EFAA-IAASB-IFAC Webinar: Audits of Less Complex Entities Update

Airing in English with simultaneous interpretation into Spanish and French

Date: Thursday February 16, 2023 | Time: 8:00AM – 9:00AM EST

This webinar will update attendees on planned changes to the International Auditing and Assurance Standards Board’s proposed standard for Audits of Less Complex Entities (ISA for LCE), including changes since the Exposure Draft and the forecasted project timeline, as well as provide an opportunity for participants to ask questions. This one-hour webinar is organized by the European Federation of Accountants and Auditors for SMEs (EFAA), IAASB and IFAC and will include speakers from all three organizations.

Thursday February 16, 2023: 8:00 – 9:00am ET/ 2:00 – 3:00pm CET 

AGENDA

Introductory Remarks

 

Christopher Arnold, IFAC Director

Monica Foerster, Partner at Confidor and IFAC SMP Advisory Group Chair

Salvador Marin, EFAA President

(10 Minutes)

Audits of LCEs Project Update 

 

Kai Morten Hagen, IAASB Member and IAASB Audits of LCEs Task Force Chair

Jasper van den Hout, IAASB Principal

Amy Fairchild, IAASB Principal

(25 minutes)

Questions & Answers

 

Paul Thompson, EFAA Director

(20 minutes)

Closing Remarks

 

Paul Thompson, EFAA Director

(5 minutes)

Please note there is limited capacity, so we recommend registering early. The event will also be livestreamed on IFAC’s YouTube channel.

This webinar will be recorded. By attending this webinar, you grant organizers the right to use the recorded material for non-commercial purposes. If you wish to object to this, please contact the organizers.

Background

Smaller, less complex entities play a vital role in the world’s economy. 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. 

The IAASB’s exposure draft, Proposed International Standard on Auditing for Audits of Less Complex Entities (ISA for LCE), was open for public consultation until early 2022. Since then, the IAASB has evaluated feedback received and made further revisions to the draft ISA for LCEs, including to the authority, targeted areas of the proposed standard, and incorporated requirements for audits of group financial statements. The IAASB approved an exposure draft to incorporate groups audits at its December 2022 meeting.

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