The publication answers questions relating to audit procedures, work effort, documentation and professional judgment.
To assist auditors worldwide in implementing the clarified International Standards on Auditing (ISAs) the staff of the International Auditing and Assurance Standards Board (IAASB) has developed a new question-and-answer publication entitled Applying ISAs Proportionately with the Size and Complexity of an Entity. The publication is relevant in the context of any audit, but will be of particular help to those who audit small- and medium-sized entities.
"SMEs are an important sector of national economies and one that is sensitive to significant changes in standards," emphasized James Gunn, IAASB Technical Director. "This staff publication highlights provisions within the ISAs that guide auditors in applying the requirements to audits of SMEs in an efficient and effective manner”.
The questions and answers explain how the design of the ISAs enables them to be applied in a manner that is proportionate to the specific characteristics of the entity subject to audit. Furthermore, answers are given to questions relating to audit procedures, work effort, documentation and professional judgment.
"Many of those with responsibility for financial statement audits are progressing their consideration of implementation issues of the clarified ISAs. We applaud this and believe that the
IAASB staff has a role to play in supporting the implementation effort," added Mr. Gunn.
© IAASB - International Auditing and Assurance Standards Board
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