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, 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 December 15, 2025 for jurisdictions that adopt or permit its use.
Have you heard? We have a new standard for audits of less complex entities—known as ISA for LCE—coming on December 6. Learn more about it in our new video.
On August 2, the International Auditing and Assurance Standards Board (IAASB) launched a public consultation on its landmark proposed global sustainability assurance standard, International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements. It also committed to an extensive, high-level outreach plan to ensure broad stakeholder input to improve both the quality of and trust in the final standard. This plan included in-person roundtables around the world, virtual webinars for global audiences, and regional and national meetings with regulators and oversight bodies.
These are the results of this unprecedented outreach campaign:
The FAQ compilation addresses a variety of questions, including how the concept of materiality applies to sustainability reporting and assurance; the definition of double materiality; and how an assurance practitioner considers an organization’s “materiality process” during a sustainability assurance engagement, among other questions and answers.
The comment period for proposed ISSA 5000 is open until December 1, 2023. To promote broad and diverse participation in the ongoing public consultation, the IAASB has developed a Stakeholder Survey, which may be especially useful for stakeholders wishing to share less technical or overall feedback, and a Response Template.
For further details and updates, visit the IAASB website: iaasb.org/ISSA5000
IAASB’s new and revised suite of quality management standards:
International Standard on Quality Management (ISQM) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements
ISQM 2, Engagement Quality Reviews
International Standard on Auditing (ISA) 220 (Revised), Quality Management for an Audit of Financial Statements
Conforming and Consequential Amendments to Other ISAs Arising from the Quality Management Project
Conforming and Consequential Amendments to the IAASB’s Other Standards as a Result of the New and Revised Quality Management Standards
International Standard on Related Services (ISRS) 4400 (Revised), Agreed-Upon Procedures Engagements
The following standards, which are not yet effective for this version of the handbook, have been included in the back of Volume 1:
ISA 600 (Revised), Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors)
Conforming and Consequential Amendments to Other International Standards arising from ISA 600 (Revised)
Volumes 1, 2 and 3 of the handbook can be downloaded from the IAASB website, where users can also order print copies of the three-volume handbook.
The vendor for the e-International Standards (eIS) online platform is experiencing technical difficulties in finalizing the IAASB eIS handbook. In the interim, please refer to the PDF versions of the handbook. We apologize for any inconvenience caused.
