Roadmaps to Using the IAASB’s ISA for LCE in Europe

In December 2023 the International Auditing and Assurance Standards Board (IAASB) published the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities, known as the ISA for LCE. The ISA for LCE is a standalone global auditing standard designed specifically for smaller and less complex businesses and organizations. Built on the foundation of the International Standards on Auditing (ISAs), audits performed using this standard provide the same level of assurance for eligible audits: reasonable assurance. The standard is effective for audits beginning on or after 15 December 2025 for jurisdictions that adopt or permit its use.

This 90-minute webinar highlighted the main aspects of the ISA for LCE and examples of how some European countries are planning to use the standard. Participants had an opportunity to ask questions.

This webinar was organized by the European Federation of Accountants and Auditors for SMEs (EFAA for SMEs), IFAC (the International Federation of Accountants) and Accountancy Europe, in collaboration with the IAASB.



15:00 – 15:07 Welcome: Salvador Marin, EFAA for SMEs
15:07 – 15:27 IAASB presentation of the ISA for LCEKai:
Morten Hagen, IAASB
Jasper van den Hout, IAASB
Isabelle Raiche, IAASB
15:27 – 15:40
First Q&A
15:40 – 15:50
Views from Iwona Warzecha, Senior Financial Management Specialist, World BankIwona Warzecha, World Bank
15:50 – 16:10Panel discussion on adoption and implementationModerator:
Christopher Arnold, IFAC
Helene Agélii, NRF
Inge van Beveren, IBR-IRE
16:10 – 16:23Second Q&A
16:23 – 16:30Conclusion: Paul Gisby, Accountancy Europe