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