Supporting International Standards

IFAC Small and Medium Practices Advisory Group Response to the IAASB’s Exposure Draft proposed Narrow Scope Amendments to ISA 700 (Revised) and ISA 260 (Revised)

Oct 04, 2022 | Comment Letters
4 Pages

The SMPAG supports the IAASB approach to undertake the project on listed entity and PIE as two tracks with the ED focused on narrow scope amendments to ISA 700 (Revised) and ISA 260 (Revised) to support operationalizing the IESBA transparency requirement with an effective data that aligns with the revisions to the IESBA Code, followed by a separate track dealing with other issues that would have a later effective date.

The SMPAG supports the IAASB’s proposed approach to have a conditional requirement in paragraph 28 (c) of ISA 700 (Revised) that applies only when the relevant ethical requirements require public disclosure that differential independence requirements for audits of financial statements of certain entities were applied. In our view, this is a pragmatic solution to implementing the requirement of the IESBA Code (R400.20) in a manner deemed appropriate. We also agree with the revisions to ISA 260 (Revised) to increase transparency to those charged with governance that differential independence requirements for certain entities have been applied.


Copyright © 2023 The International Federation of Accountants (IFAC). All rights reserved.


Related Resources


Get the latest updates delivered to your inbox

Subscribe now



View Boards Site


Translations & Permissions

Looking to reproduce the standards for your members? Want to include IFAC's publications in your training materials or university course? Learn how we can help.

IP permissions and policies


Explore More On...

Primary tabs

Thank you for your interest in our publications. These valuable works are the product of substantial time, effort and resources, which you acknowledge by accepting the following terms of use. You may not reproduce, store, transmit in any form or by any means, with the exception of non-commercial use (e.g., professional and personal reference and research work), translate, modify or create derivative works or adaptations based on such publications, or any part thereof, without the prior written permission of IFAC.

Our reproduction and translation policies, as well as our online permission request and inquiry system, are accessible on the Permissions Information web page.

For additional information, please read our website Terms of Use. ALL RIGHTS RESERVED.