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Courses/Audit & Assurance/Audit and Assurance Update

IAASB's New Audit Standard: Audits for Small Entities

Efficient and Effective Auditing for Less Complex Entities

Created byJürgen Strauss
4.5
(123 reviews)
BeginnerUpdated Jul 5, 2024
IAASB's New Audit Standard: Audits for Small Entities

What You'll Learn

check_circleUnderstand the rationale and need for a dedicated auditing standard for Less Complex Entities.
check_circleGain insights into the development and journey of the IAASB in creating the ISA for LCE.
check_circleComprehend the design principles and structure of the ISA for LCE.
check_circleIdentify the specific prohibitions, qualitative characteristics, and quantitative thresholds applicable to LCEs.
check_circleNavigate through the various parts of the ISA for LCE and understand their relevance to the audit process.
check_circleCompare and contrast the ISA for LCE with traditional ISAs to appreciate the tailored approach for LCEs.
check_circleLearn about the resources and guidance available for the adoption and implementation of the ISA for LCE.

About This Course

This course provides an in-depth overview of the International Standard on Auditing (ISA) tailored specifically for audits of financial statements of Less Complex Entities (LCEs). It addresses the unique needs and challenges of auditing LCEs by presenting a proportionate and standalone standard that is easier for practitioners to navigate. Participants will gain a comprehensive understanding of the ISA for LCEs, including its design principles, key requirements, and practical applications. The course aims to promote consistent and high-quality audits for LCEs, ensuring confidence in financial reporting and adherence to global auditing standards.

Key Topics Discussed:

  • The need for a global solution for LCEs
  • The IAASB’s journey in developing the ISA for LCE
  • Overview and objectives of the ISA for LCE
  • Design principles of the ISA for LCE
  • Specific prohibitions and qualitative characteristics
  • The flow and structure of the standard
  • Comparison between ISA for LCE and traditional ISAs
  • Adoption and implementation guidance

 

Your Instructors

Jürgen Strauss
Jürgen Strauss

Podcast Host | LearnFormula

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star123 reviews

I show high-impact achievers, including coaches, entrepreneurs, thought leaders, and authors, how to harness the power of podcasting to build a world of vibrant connections, amplify their impact, and transform their business. My approach fosters deeper conversations and forms stronger relationships, creating a lasting impression on listeners, podcast guests and hosts. This ultimately leads to a dramatic growth in their professional network and propels their business to new heights of success. By prioritizing human connection, I enable each of my clients to tap into the power of a thriving and engaged community, leaving an indelible legacy in their industry.

Kevin Thangarajah
Kevin Thangarajah

An accomplished Audit Manager and Investigator with over 20 years experience leading both internal; external audits and investigations for small and large sized entities. As a leader, I am respected by staff and clients for my expertise, experience and professional courtesy; priding myself on my ability to act as a mentor and to help those around me. I have managed a wide range of audit and investigation engagements including listed and proprietary companies, foreign owned businesses, public sector organisations, Australian financial service licence (AFSL) holders, not-for-profit entities and self-managed superannuation funds (SMSFs).

Credit Information

What Students Are Saying

4.5
Student's Choice
123 reviews

Frequently Asked Questions

We are a registered provider with 327+ associations and regulatory bodies worldwide. We operate across 29 global markets including Canada, the US, Australia, and the UK. Every course page clearly displays its specific accreditations. Upon completion, you receive a professional certificate that can be validated online. Our certificates include all necessary accreditation details, credit hours, and completion dates, and are formatted specifically to meet the submission requirements of most global regulatory bodies.