Today the IAASB released COVID-19 Pandemic-related guidance for auditors to consider when issuing an auditor's report on the completion of the audit of financial statements.

The guidance document can be found HERE.

In the IAASB’s ongoing response to COVID-19, guidance related to Going Concern and Subsequent Events have also been issued, and more information and helpful links can be found on the IAASB’s COVID-19 Webpage.

To account for COVID-19’s impact on the International Auditing and Assurance Standards Board’s (IAASB) work, its staff capacity to deliver, and the capacity of the IAASB’s stakeholders to participate in consultations and to implement new standards, the IAASB has reconsidered the timelines for its projects in 2020. The Revised Detailed Work Plan Table for 2020-2021 sets out a description of the changes that have been made and the revised timelines for 2020 and 2021 (as applicable).

“Like many others, we revised our Work Plan to respond to realities imposed by the COVID-19 pandemic,” noted Tom Seidenstein, Chair of the IAASB. “Our approach directs capacity to emerging  public interest needs and accounts for the capacity of our stakeholders, volunteer Board Members, and staff. We will also continue to monitor whether further changes are needed."

The Technology Working Group (TWG) of the International Auditing and Assurance Standards Board (IAASB) today released non-authoritative support material related to the auditor’s documentation when using automated tools and techniques (ATT), such as data analytics, robotics automation processes or artificial intelligence applications. 

The publication intends to assist auditors in understanding how the use of ATT during an audit engagement may affect the auditor’s documentation in accordance with International Standard on Auditing (ISA) 230, Audit Documentation, and the documentation requirements of other relevant ISAs.

The publication does not constitute an authoritative pronouncement of the IAASB, nor does it amend, extend or override International Standard on Quality Control (ISQC) 1 or the ISAs, the texts of which alone are authoritative. Reading the publication is not a substitute for reading ISQC 1 or the ISAs.

Click here to learn more.

Today, the International Auditing and Assurance Standards Board (IAASB) published its Strategy for 2020‒2023 (the Strategy) and Work Plan for 2020‒2021 (the Work Plan).

The strategy, developed through extensive external consultation over two years, looks to build sustained trust in financial and other reporting through high-quality audits, assurance, and related services engagements. The IAASB also recognizes the need to address the impact of technology, demands relating to changing reporting needs (including demands in relation to non-financial reporting), and changing expectations for the audit.

“The IAASB recognizes the significant challenges facing the audit profession and the standards that govern it. This Strategy and Work Plan provides an important compass for our organization to address these challenges in a highly responsive and innovative manner,” said Tom Seidenstein, Chair of the IAASB. “We will inevitably need to adapt over the strategy’s four-year period, but the emphasis on the public interest, innovation and agility, and collaboration should remain relevant.”

Consistent with governance requirements, the Public Interest Oversight Board (PIOB), the IAASB’s independent oversight body, concluded at its March 2020 meeting that the IAASB developed its Strategy and Work Plan in accordance with due process and with proper regard for the public interest.

Key IAASB Strategy and Work Plan Elements

The strategy sets three strategic objectives to focus IAASB priorities and resources during 2020‒2023:

1. Increase the emphasis on emerging issues to ensure that the IAASB International Standards provide a foundation for high-quality audit, assurance and related services engagements
2. Innovate the IAASB’s ways of working to strengthen and broaden our agility, capabilities, and capacity to do the right work at the right time
3. Maintain and deepen relationships with stakeholders to achieve globally relevant, progressive and operable standards

The Work Plan describes, at the time of the December 2019 approval, how the IAASB intends to increase its focus on emerging issues, while completing the existing work already committed to and underway. In the Work Plan, the IAASB anticipates standard-setting projects on going concern, fraud, and audit evidence, and work to address the needs of auditors of Less Complex Entities, among other topics. To support an evidence-based and structured consideration of new topics, the IAASB Work Plan highlights a new Framework for Activities, comprising several key components, to help the IAASB develop informed and targeted responses to address emerging issues and topics of global relevance.

Impact of the COVID-19 Pandemic on the Strategy and Work Plan

While the IAASB approved its strategy before the pandemic, the three strategic objectives remain relevant. The IAASB has used these strategic objectives to help prioritize its crisis response. For example, the IAASB has developed, and is continuing to develop, guidance on audit considerations in response to the pandemic. The IAASB is enhancing its interactions with national audit standard-setters, regulators, and independent audit oversight regimes.

At the same time, the IAASB recognizes that its Work Plan and timelines may need to adapt as new priorities emerge, the pandemic and associated restrictions impact our ability to work, and stakeholder capacity for change becomes constrained. In the coming weeks and months, the IAASB will consider potential impacts and consult, as appropriate, with the PIOB, the IAASB Consultative Advisory Group, and other stakeholders.

The outcome of IAASB consultations could lead to the reprioritization of topics and changes in the timing of projects and consultation efforts. The IAASB will post any changes on its Website.

The International Auditing and Assurance Standards Board (IAASB) today released for public consultation proposed revisions to the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (ISA for LCE).

The proposed revisions are part of the IAASB’s commitment to maintaining a robust, proportionate, and globally relevant auditing framework for less complex entities. The proposed revisions update the ISA for LCE to address significant developments related to fraud and going concern, while ensuring the requirements remain appropriately tailored to audits of less complex entities.

“The IAASB designed the ISA for LCE to deliver an appropriately tailored, high-quality audit standard for less complex entities while maintaining the same objective as the ISAs: obtaining reasonable assurance,” said Tom Seidenstein, IAASB Chair. “These proposed revisions demonstrate our commitment to keeping the standard current and responsive to developments in auditing while ensuring it continues to address evolving public interest expectations in a way that remains proportionate for audits of less complex entities.”

The Exposure Draft includes proposed updates in several areas, including:

• Fraud – Incorporating recent revisions to auditor responsibilities relating to fraud.
• Going Concern – Addressing recent developments in auditor responsibilities related to going concern.
• Listed and Public Interest Entities – Replacing the term “listed entity” with “publicly traded entity”, for which use of the standard is prohibited.
• Experts – Maintaining interoperability with the International Code of Ethics for Accountants (including International Independence Standards), issued by the International Ethics Standards Board for Accountants.

The ISA for LCE provides a standalone global auditing standard designed specifically for audits of less complex entities. It promotes consistent, high-quality audits while responding to the unique characteristics of less complex entities. In the short period since the standard’s issuance, more than 30 jurisdictions have adopted the ISA for LCE, and several additional jurisdictions are actively considering its use.

The IAASB is seeking stakeholder feedback on whether the proposed revisions maintain the relevance of the ISA for LCE by addressing significant developments in a proportionate way that reflect the typical nature and circumstances of audits of less complex entities. The IAASB is also seeking input on the timeframe for future maintenance of the ISA for LCE.

Request for Comments

The IAASB welcomes feedback from auditors, regulators, oversight authorities, national standard setters, preparers, investors, and other stakeholders by November 17, 2026.

About the IAASB
The International Auditing and Assurance Standards Board develops auditing, assurance, related services, and quality management standards and guidance in the public interest that support consistent performance of quality engagements. Along with the International Ethics Standards Board for Accountants, the IAASB is part of the International Foundation for Ethics and Audit. The Public Interest Oversight Board oversees IAASB and IESBA activities and the public interest responsiveness of the standards. For copyright, trademark, and permissions information, please visit Permissions.

In this eNews you will find:

• Highlights from our June meeting
• Information about the maintenance of the ISA for LCE
• Our plans for Q3 2026
• Key dates for this quarter

Highlights from Our June Meeting

During our June 2026 meeting, we approved:

• The Exposure Drafts of Proposed Revisions to International Standard on Auditing (ISA) 330, The Auditor’s Responses to Assessed Risks, ISA 500, Audit Evidence, and ISA 520, Analytical Procedures (Audit Evidence and Risk Response project). These exposure drafts will be released as a package in August.
• The Exposure Draft of Proposed Revisions to the ISA for Less Complex Entities (LCE), which will be released in mid-July.

Other topics we discussed during our meeting include:

• Technology Quality Management – We discussed the proposed roadmap for the Technology Quality Management guide series, which is being developed as non-authoritative material. Building on the Action Plan approved in March 2026, the discussion helped further refine the roadmap and make it more concrete and actionable.
• Technology Catalog – We discussed the latest monitoring update on emerging technological developments and proposed changes to the Technology Catalog. The updated Technology Catalog promotes transparency by giving stakeholders greater visibility into the technology-related matters we are monitoring and how those matters are progressing. The updated Technology Catalog has been published as a PDF with an interactive, digital version to follow later in Q3. 
• ISA 500 Series (Project Stage: Exposure Draft Development) – We discussed all key issues included in the project proposal related to inventory and external confirmations and preliminary drafting for some of the issues.

Recordings of the June 2026 meeting are available on our YouTube channel; more information on our projects can be found on the Latest on Our Projects web page.

Maintenance of the ISA for LCE

In December 2023, we published the ISA for LCE, a standalone standard that is proportionate and tailored to the needs of an audit of financial statements of a smaller and less complex entity. The standard provides a global solution to growing concern about the length, complexity, and understandability of the ISAs and their application to audits of less complex entities. The standard is effective for audits of financial statements for periods beginning on or after December 15, 2025.

We are committed to maintaining the ISA for LCE and developed an Approach Statement for Maintaining the ISA for LCE, which explains the approach and key principles for revising the standard in light of new or revised ISAs. It focusses on developing revisions that are relevant in the context of the typical nature and circumstances of an audit of a less complex entity and aligns the core requirements and concepts of the ISAs in a proportionate way. Also, it operationalizes the maintenance of the standard in a manner that is both effective and efficient, while ensuring transparency and consistency in execution.

In Q3 2025, we commenced the first maintenance project of the ISA for LCE as a result of the following projects:

• Fraud – ISA 240 (Revised);
• Going Concern – ISA 570 (Revised 2024);
• Listed Entity and Public Interest Entity (Narrow-Scope Amendments); and
• Experts (Narrow-Scope Amendments).

The proposed revisions to the ISA for LCE were unanimously approved for exposure at the June 2026 meeting. We expect to issue the Exposure Draft for public consultation in mid-July.

For more information on the ISA for LCE, access the ISA for LCE web page.

Looking Ahead: Our Plans for Q2 2026

Consultations

In Q3 2026 we plan to publish the following consultations:

• Proposed Revisions to the ISA for LCE – to be published on July 22, with the comment period ending on November 17.
• Proposed Revisions to ISA 330, The Auditor’s Responses to Assessed Risks, ISA 500, Audit Evidence, and ISA 520, Analytical Procedures – to be published in early August, with the comment period ending in December.

In addition, Proposed ISRE 2410 (Revised), Review of Interim Financial Information Performed by the Independent Auditor of the Entity is currently open for public consultation until September 3.

IAASB Handbook

We expect to release the 2026 edition of our Handbook of International Quality Management, Auditing, Review, Other Assurance, and Related Services Pronouncements in Q3 2026.

ISSA 5000 on Sustainability Assurance

As we continue supporting adoption and implementation of ISSA 5000, we are developing a series of frequently asked questions (FAQ) and updating jurisdictional adoption information. Access resources on the dedicated ISSA 5000 web page, including the recently released FAQ on the application of materiality.

Key Dates for this Quarter

From September 14 to 17, the IAASB will meet in New York, USA. The meeting agenda and meeting papers will be available on our September 2026 meeting webpage approximately two weeks in advance of the meeting. This meeting will be livestreamed on our YouTube channel.