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The ISA for LCE is a standalone global auditing standard designed specifically for smaller and less complex businesses. Built on the foundation of the ISAs, audits performed using this standard provide the same level of assurance for eligible audits, i.e. reasonable assurance. The standard is effective for audits beginning on or after 15 December 2025 for jurisdictions that adopt or permit its use. In order to help jurisdictions navigate the adoption of this new standard, the IAASB issued supplementary guidance on auditor reporting related to ISA for LCE.

The document, inter alia, includes the following:

  • Guidance for auditors about modification in the auditor’s report while using this standard
  • Eight illustrative auditor’s reports
  • Guidance on emphasis of matter and other matter paragraphs and reporting on a material uncertainty related to going concern.

To access the text of the supplementary guidance, please click click here

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