The International Auditing and Assurance Standards Board released a comprehensive adoption guide to help jurisdictions adopt the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities, or ISA for LCE.
An alternative to the full suite of ISA, the guide offers insight into the adoption process, including common steps, successful approaches, and potential challenges. It also outlines steps for legislative or regulatory bodies to allow practitioners to use the ISA for LCE.
The guide is accessible
The new guidance does not amend or override the ISA for LCE, which alone is authoritative.
