Decision Not to Adopt the International Standard on Auditing of Less Complex Entities for Application in the Kingdom
القرار بعدم اعتماد المعيار الدولي لمراجعة المنشآت الأقل تعقيداً للتطبيق في المملكة
SOCPA's Auditing Standards Board decided not to adopt, for application in the Kingdom, the International Standard on Auditing of Less Complex Entities issued by the International Auditing and Assurance Standards Board in December 2023. Following a detailed study, the Board concluded that adopting the standard could create an expectation gap regarding audit quality, effort level and assurance level, and could restrict auditors using it from handling the full version, with the risks outweighing the expected benefits. The conclusion was shared with the public and chartered accountants together with a translation of the standard, and no differing views were received.
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