The time has come for common sense to prevail in audit

Howard Gross, director of the Society of Professional Accountants argues that UK regulators must take action to reduce complexity when introducing British version of audit rules for less complex entities

The Latin word ‘audire’ means ‘to listen’. So the word ‘auditing’ means ‘to listen’ - not tick boxes. The time has come for common sense to prevail.

In December 2023 the International Auditing and Assurance Standards Board (IAASB) issued an International Standard on Auditing (ISA) on Audits of Financial Statements of Less Complex Entities (ISA for LCE).

Since then, it has been endorsed by the International Federation of Accountants and certified by the global Public Interest Oversight Board as responsive to the public interest.

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