This Approach Statement for maintaining the ISA for LCE operationalizes a process that is both effective and efficient, while ensuring transparency and consistency. The Approach sets out the context, purpose, process, responsibilities, output and timing for maintaining the ISA for LCE.

The 2024 IESBA-IAASB Annual Report highlights a pivotal year as both Boards advanced high-quality global ethics, audit, and assurance standards in support of stronger trust, transparency, and sustainability reporting worldwide. Featuring key messages from the Chairs, the 2024 report showcases major milestones in standard setting, global adoption, and stakeholder engagement.

As part of the IAASB’s Technology Position, ongoing gap analyses are conducted to ensure standards keep pace with technological developments. The findings of these analyses are captured in this Catalog of Issues and Possible Actions.

This revised standard responds to corporate failures that raised questions regarding auditors’ responsibilities by significantly enhancing the auditor’s work in evaluating management’s assessment of an entity’s ability to continue as a going concern. The revised standard will also increase consistency in auditing practices and strengthen transparency through communications and auditor reporting on matters related to going concern in a consistent manner.