<p>The International Auditing and Assurance Standards Board (IAASB) has issued <a href="https://www.iaasb.org/publications/isa-lce-authority-standard-supplemental-guidance">guidance (Authority Supplemental Guidance)</a> on the application of the International Standard on Auditing of Financial Statements of Less Complex Entities (ISA for LCE) (for the publication of the standard, see <a href="https://www.wpk.de/neu-auf-wpkde/alle/2023/sv/iaasb-pruefungsstandard-fuer-weniger-komplexe-unternehmen-isa-for-lce-veroeffentlicht/" target="_top">“Neu auf WPK.de” from December 7, 2023 (in German)</a>).</p>
<p>Among other things, this guidance is intended to assist auditors in deciding whether the standard can be applied to a particular engagement and addresses the responsibilities of the audit firm, the engagement partner and the audit team. They are merely an interpretative aid in relation to the standard, which alone is binding.</p>
