Nouvelle norme internationale d'audit applicable aux entités peu complexes, comparaison et interprétation de la vision des praticiens belges et luxembourgeois

Abstract

The International Auditing and Assurance Standards Board (IAASB) published on December 6, 2023, the final project of the new ISA for Less Complex Entities standard (ISA for LCE). This is a standalone standard designed for smaller and less complex entities audits. Currently, this standard is not yet approved by the various national legislations. Furthermore, this norm is the response of important specific audit needs. Effectively, IAASB’s stakeholders expressed their difficulties to conduct audits of less complex entities as well as their need to have more support for these types of engagements. The ISA standards are perceived as increasingly difficult to use in such audits. The IAASB became aware of this challenge of adaptability and set about developing this new standard in order to promote consistent application of audit norms to this type of entities. So, some advantages and disadvantages are expected if the standard is approved at local level. Therefore, we have an idea of the global need, but nationally, in Belgium and Luxembourg, we don’t exactly know what the real need, the vision and interpretation related to the arrival of this new standard by the practitioners are. This research focuses on the future of the new ISA for Less Complex Entities standard within the Belgian and Luxembourgish area. In order to carry out this study, we conducted semi-structured interviews with ten auditors exercising their profession in small firms and two representatives of different Belgian and Luxembourgish organizations (Instituut van de Bedrijfsrevisoren – Institut des Réviseurs d’Entreprises and Commission de Surveillance du Secteur Financier). As a consequence, we received their vision and interpretation of the advantages and disadvantages on different aspects regarding this new norm. Finally, this research is one of the first to look at how this new standard will be applied in practice. Through this study, we are trying to provide a future view of less complex audits, either through this new standard or through current standards. Additionally, we will bring a clear vision of the thinking of field operatives’ view of this new standard to understand the issues for the daily work of practitioners. It will also allow us to provide an overview of this standard’s future within the profession, prior to its effective use date of December 15, 2025.