The UK Financial Reporting Council (which writes the audit standards for the UK and Ireland. These standards licenced by the IAASA for use in Ireland) is inviting stakeholders to join a webinar where the ‘International Standard on Auditing for Audits of Financial Statements of Less Complex Entities’ (ISA for LCE) will be discussed.
You had better get your skates on as the webinar is Wednesday 4 June 2025 from 1pm to 2pm Irish time. Registration is free of charge and is available here.
The International Auditing and Assurance Standards Board (IAASB) issued the International standard on auditing for audits of financial statements of less complex entities (‘ISA for LCE’) in December 2023. It becomes effective for jurisdictions that have adopted it for audits beginning on or after 15 December 2025.
Previously the FRC said that there is no intention by the UK to adopt ISA for LCE. Hopefully this is a sign that there is a change of heart, but the outcome will depend on the input from the ongoing consultations and research by the Financial Reporting Council SME Project Team.
Many practitioners and commentators that are of the opinion that the ISAs (Ireland) are disproportionate for SME clients in a number of areas and while they are supposed to be scalable for smaller entity audits, there is insufficient guidance on what this means.
There may never again be an opportunity like this so do play your part to help inform the outcome of this project.
For audit cold file reviews and tailored training sessions explaining more about various topics like AML, Audit, FRS 102, please send a mail to john@jmcc.ie.
For more on engagement and representation letter templates and a variety of CPD webinars on money laundering and other accounting/audit related topics, please go to our website for:
- Our latest CPD Webinar on The Main Changes in Irish GAAP (recorded July 2024)
- Anti-Money Laundering Policies Controls and Procedures Manual (March 2022) — View the table of contents
- AML Webinar (December 2023) available here, which accompanies the AML Manual. It explains the latest legal AML reporting position for accountancy firms and includes a quiz. Upon completion you receive a CPD certificate for attendance in your inbox.
- Letters of engagement and similar templates—Please visit our website here where immediate downloads are available in Word format. A bulk discount is available for orders of five or more items bought together.
ISQM TOOLKIT, or if you prefer to chat through the different audit risks and potential appropriate responses presented by this new standard. We typically tailor ISQM training and brainstorming sessions to suit your firm’s unique requirements. Please contact John McCarthy FCA by email at john@jmcc.ie.
