IAASB Consults on Simplifying Auditing Standards for Small Entities with Less Complexities

The International Auditing and Assurance Standards Board (IAASB) is expected to be planning towards simplifying the use of auditing standards for the audit of less complex business entities.

The board has launched a consultation after facing criticism for a number of years regarding difficulties and complexities for small size business entities when applying International Standards on Auditing (ISAs).

IAASB has said that it acknowledges the call from different parts of the world requiring actions