Why we’re forming this Group
Earlier this year, the Auditing and Assurance Standards Board (AASB) decided not to adopt the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (known as ISA for LCE). Read more on why.
Our decision doesn’t mean our work is done. We heard that practitioners need help applying our standards consistently, effectively, and efficiently to audits of LCEs. We are committed to helping you address these challenges, but we can’t do it alone. We need key players in the LCE audit space, like methodology providers, practice inspectors, and trainers, to be involved.
We believe a collaborative approach is the way forward. Our new Group will bring key players and practitioners together to help practitioners apply our standards.
About the Group
The Group will:
- respond to current challenges in applying standards to audits of LCEs;
- encourage and support key players in the LCE audit space so they are equipped to assist practitioners in applying Canadian Auditing Standards (CASs);
- issue public meeting summaries that may assist practitioners;
- work with the AASB to make new and revised CASs scalable and proportional to audits of LCEs; and
- keep the AASB informed of new developments and issues in the LCE audit ecosystem.
In keeping with a collaborative approach, several key players will participate in meetings, including methodology providers, practice inspectors, trainers, and practitioners.
What’s in it for you
- Make a positive impact – help practitioners conduct audits of LCEs more consistently, effectively, and efficiently.
- Collaborate with others – join efforts with a diverse group of key players in the LCE audit space.
- Stay ahead of the curve – share your insights on the development of CASs, stay updated on emerging issues, and learn about changes before they impact you.
- Gain new perspectives – broaden your understanding of how CASs are interpreted and applied by others in audits of LCEs.
About the role
We already have some commitments from key players in the LCE audit space. We still need experienced practitioners who:
- have a strong grasp of CASs and significant experience performing audits of LCEs;
- understand the scalability challenges in applying our standards to audits of LCEs;
- can identify issues from their own experience; and
- bring diverse perspectives, including those who serve Indigenous communities and practitioners from firms and legislative audit offices of all sizes.
Appointments will start in early 2025, for a three-year term, with the possibility of renewing for a second term.
Group members are expected to prepare for and participate in four virtual meetings each year, up to three hours each. Additional meetings may be required to address urgent matters. Up to two additional meetings may be required in the first year to ensure sufficient progress in operationalizing the Group.
The working language of the Group is English.
We value diversity and are committed to cultivating an inclusive, accessible environment where our volunteer base feels respected, valued, and supported, and is reflective of the Canadians we serve.
How to apply
Interested? Please submit an expression of interest and a curriculum vitae (as an attachment on our web form) outlining:
- your interest in the role; and
- your strengths and capabilities relevant to the role.
If you require disability-related accommodation to participate in our volunteer recruitment process, please email us at [email protected] and we’ll be happy to work with you to meet your needs as they relate to applying for this volunteer position.