Audits of Less Complex Entities: the Challenges in Applying the ISA’s

Abstract

Currently, when performing an audit in accordance with the requirements of International Standards on auditing, a large number of audit procedures must be performed to confirm the financial statements. In some cases, this is not entirely justified, for example, when conducting audits in less complex entities. In this regard, the International Auditing and Assurance Standards Board Committee issued a discussion paper with an analysis of the situation and suggestions for improving the regulatory framework. In this article, the author analyzes the current situation and suggests ways to improve the regulatory framework. JEL: М42; CZU: 657.6:006.44.