The Financial Reporting Council (FRC) is calling for stakeholders to share their views on the International Standard for Auditing for Less Complex Entities (ISA for LCE) ‘to inform its ongoing engagement with the International Auditing and Assurance Standards Board (IAASB)’.

This is the latest signal that the FRC is being forced to review its strident opposition to allowing UK companies to use the ISA auditing standard for smaller company audits for SMEs.

Small company auditors constantly complain about the disproportionate UK audit framework, saying it is costly and does not reflect the needs of client companies, which are not listed and do not require such intricate and complex audits.