A disappointing, although perhaps not surprising, development. Whatever the shortcomings of this standard, the full ISAs (which are increasingly focussed on listed and PIE audits) are not, whatever standard setters may say, sufficiently scalable in practice for many SME audits.
My experience of audit around the world suggests something is needed to ensure high quality, proportionate, cost-effective SME audits. But if its not this standard, what is it?
I would like to see jurisdictions looking at this standard more closely, applying it in practice ("Beta testing" if you like), and considering how it could be strengthened (and by that I don't mean adding more requirements!) rather than consigning it the scrap heap.
There are many jurisdictions which need a workable solution and without a global solution, we fragmentation of auditing standards.
#audit #ISAforLCE #auditquality #SME
At its meeting on 6 December 2023, the AUASB reflected on prior consultations and public interest considerations and determined not to adopt the International Standard on Auditing of Financial Statements of Less Complex Entities in Australia. The AUASB have issued a Feedback Statement which summarises the AUASB’s position on the adoption of this standard in Australia.
Click link to view: https://shorturl.at/chuyJ
Architect
4dIt’s fantastic to see Bahrain EDB partnering with TheCityUK to host such a pivotal roundtable discussion in London. This collaboration not only highlights Bahrain’s growing prominence as a regional financial services hub but also underscores the strategic importance of fostering international connections in the financial industry. By bringing together UK-based financial professionals and representatives from Bahrain’s financial ecosystem, this event paves the way for valuable knowledge exchange, innovative partnerships, and sustainable growth. Initiatives like these are instrumental in driving economic development and strengthening the global financial network. Well done to all involved!