Date: April 18, 2024 | Time: 09:00 AM - 10:30 AM
COMPLETEDOnline Webinar: 3:00 PM - 4:30 PM CET | 9:00 AM - 10:30 AM EDT
In December 2023 the International Auditing and Assurance Standards Board (IAASB) published the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities, known as the ISA for LCE. The ISA for LCE is a standalone global auditing standard designed specifically for smaller and less complex businesses and organizations. Built on the foundation of the International Standards on Auditing (ISAs), audits performed using this standard provide the same level of assurance for eligible audits: reasonable assurance. The standard is effective for audits beginning on or after 15 December 2025 for jurisdictions that adopt or permit its use.
This 90-minute webinar, organized by IFAC (the International Federation of Accountants), the European Federation of Accountants and Auditors for SMEs (EFAA for SMEs) and Accountancy Europe, in collaboration with the IAASB, will highlight the main aspects of the ISA for LCE and then present case studies on how some European countries are planning to use the standard. Participants will have an opportunity to ask questions.
Confirmed speakers include:
- Kai Morten Hagen, IAASB Member and Chair, Task Force for LCE
- Jasper van den Hout, Director, IAASB
- Isabelle Raiche, Senior Manager, Standards Development & Technical Projects, IAASB
- Iwona Warzecha, Senior Financial Management Specialist, World Bank
- Helene Agélii, Secretary General and CEO, Nordic Federation of Public Accountants (NRF)
- Inge van Beveren, Deputy Secretary General, Institute of Registered Auditors (IBR-IRE)
- Paul Gisby, Director, Professional Services, Accountancy Europe
- Salvador Marin, President, EFAA for SMEs
- Christopher Arnold, Director, IFAC
Draft Agenda (CET)
3.00pm Welcome Salvador Marin, President, EFAA for SMEs
3.07pm IAASB presentation of the ISA for LCE, Kai Morten Hagen, IAASB’s Task Force Chair for LCE; Jasper van den Hout, Director, IAASB and Isabelle Raiche, Senior Manager, Standards Development & Technical Projects
3.27pm Q&As from the audience
3.40pm Views from the World Bank, Iwona Warzecha, Senior Financial Management Specialist
3.50pm Panel discussion on adoption and implementation, moderated by Christopher Arnold, Director, IFAC
- Helene Agélii, Secretary General and CEO at the Nordic Federation of Public Accountants (NRF)
- Inge van Beveren, Deputy Secretary General at the Institute of Registered Auditors (IBR-IRE)
4.10pm Q&As from the audience
4.23pm Conclusions Paul Gisby, Director, Professional Services, Accountancy Europe
4.30pm End
Background on Audits of Less Complex Entities
The IAASB International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (ISA for LCE) is a new standalone global auditing standard designed specifically for smaller and less complex businesses. It was issued in December 2023 and is effective for audits of financial statements of less complex entities for periods beginning on or after December 15, 2025. Early adoption is permitted.
The ISA for LCE is built on the foundation of the International Standards on Auditing (ISAs). It provides reasonable assurance and will help maintain confidence in financial reporting and promote the consistent application of auditing standards to LCEs. It also reduces the risk of jurisdictional divergence by driving consistency and comparability globally. The ISA for LCE does not reduce the quality of an audit but will help make audits of LCEs more effective and efficient. The requirements of the new standard have been designed to be proportionate to the typical nature and circumstances of an audit of an LCE (i.e., they do not address complex matters or circumstances).
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