EFAA responds to IAASB’s Request for Comments in the EM for the ED, Proposed Narrow-Scope Amendments to IAASB Standards Arising from the IESBA’s Using the Work of an External Expert Project

EFAA considers that the proposed narrow-scope amendments are responsive to the public interest, particularly in terms of enhancing audit quality and reinforcing the appropriate use of external experts. EFAA also provides several inputs from an SMP perspective to make sure amendments strike a balance between improving quality and avoiding excessive administrative burdens that could disproportionately impact SMEs and SMPs. We also urge the IAASB to utilise the “think small first” principle in drafting adjustments of this nature rather than considering SMEs and SMPs only after the event.