Audit: Standards
The question
To ask the Secretary of State for Business and Trade, if he will make an assessment of the potential merits of adopting the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities.
Answered by Justin Madders
It is for the Financial Reporting Council (FRC) to decide whether the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (ISA for LCE) provides proper and proportionate scrutiny of financial statements. The Government expects to see the FRC act in line with the requirements placed on it to consider the proportionality of its decisions and its impacts on economic growth. These requirements will continue to apply to the new Audit, Reporting and Governance Authority (ARGA) once it is created.
Verbatim has judged this answer against the question that was actually asked — answered, partly answered, or evaded. Sign in to see the verdict →