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TITLE: MF13/2019 Invitation to Comment on IAASB’s Discussion Paper, Audits of Less Complex Entities: Exploring Possible Options to Address the Challenges in Applying the ISAS and Invitation to Participate in IFAC’s Survey on Audits of Less Complex Entities

DATE: 08/07/2019

8 July 2019
Circular No. MF13/2019

TO ALL MEMBER FIRMS

(A) INVITATION TO COMMENT ON IAASB’S DISCUSSION PAPER, AUDITS OF LESS COMPLEX ENTITIES: EXPLORING POSSIBLE OPTIONS TO ADDRESS THE CHALLENGES IN APPLYING THE ISAS
  The Institute seeks comments on the International Auditing and Assurance Standards Board’s (IAASB) Discussion Paper, Audits of Less Complex Entities: Exploring Possible Options to Address the Challenges in Applying the ISAs.

To enhance the quality and consistency of auditing practice throughout the world and to strengthen public confidence in the global auditing and assurance profession, the IAASB develops and maintains one set of auditing standards which are adopted as Malaysian Approved Standards.

However, recognising the challenges faced by practitioners in applying the International Standards on Auditing (ISAs), in particular for engagements where the entity being audited is less complex, this Discussion Paper (DP) focuses on audits of Less Complex Entities (LCEs) using the ISAs, and sets out:
  1. The challenges that have been identified to date.
  2. A number of possible actions that could be undertaken to address the identified challenges.
The purpose of this consultation is to obtain input on the challenges and to help the IAASB determine actions in relation to audits of LCEs.

Members (in particular, practitioners), regulatory bodies and other interested parties are invited to submit your comments on the matters set out in this DP, as well as any other challenges or possible actions that have not been thought about. Comments are to be submitted to technical@mia.org.my by 6 August 2019.
(B) INVITATION TO PARTICIPATE IN IFAC’s SURVEY ON AUDITS OF LESS COMPLEX ENTITIES
  Members are also invited to participate in a short survey on Audits of Less Complex Entities launched by the International Federation of Accountants (IFAC). This survey is aimed at stakeholders who are not intending to respond to the DP. Responses from the survey will contribute global insights to the IAASB’s DP.

The survey contains six (6) short primary questions, as well as three (3) demographic questions and should take less than 5 minutes to complete. The survey is open for response till 12 September 2019. Click HERE to take the Survey.

DR. NURMAZILAH DATO' MAHZAN
Chief Executive Officer

Description: IAASB-Discussion-Paper-Audits-of-Less-Complex-Entities
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