| Join the IAASB for the second LinkedIn Live session discussing the recently proposed new standard for audits of less complex entities on October 20 at 8 am ET. The session will feature IAASB Member Chun Wee Chiew, IAASB Consultative Advisory Group Member Claes Norberg, and IAASB Technical Director Willie Botha discussing on which entities the proposed standard can be used, who makes decisions regarding using the standard, and how those decisions are made. They will also discuss how the standard will be received by users of the financial statements. IAASB Technical Advisor and Member of the IAASB LCE Task Force Viviene Bauer will moderate the discussion.
The third and final livestream discussion in this series will air on November 17 at 8 am ET. It will feature IAASB Member Julie Corden, LCE Reference Group Member Andrew Braithwaite, and IAASB LCE Task Force Member Brendan Murtagh discussing what the proposed new standard means for audit firms and practitioners, including the benefits of the standard, what firms, engagement partners and teams need to consider in decision making, and the potential impact on small- and medium-sized practices. The first session in the series, which addressed the journey to the proposed new standard and its key principles, is available on LinkedIn and YouTube.
The IAASB strongly encourages all interested stakeholders to provide their feedback on the proposed new standalone standard for audits of less complex entities by January 31, 2022. The standard is relevant to users of financial statements, owners, management, and those charged with governance of entities, preparers of financial statements, legislative or regulatory authorities, relevant local bodies with standard-setting authority, professional accountancy organizations, academics, regulators and audit oversight bodies, and auditors and audit firms, among others.