GAO Comments on Proposed International Auditing Standard for Less Complex Entities

The U.S. Government Accountability Office (GAO) has submitted comments on a proposed international auditing standard for audits of financial statements of less complex entities, according to a letter the agency published.

The letter, dated October 28, 2026, and publicly released October 29, 2026, responds to a July 2026 Exposure Draft from the International Auditing and Assurance Standards Board (IAASB). The draft is titled "Proposed International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (Revised)," which the GAO refers to as the ISA for LCE.

The GAO said it promulgates generally accepted government auditing standards, which provide professional standards for auditors of government entities in the United States.

The full letter is four pages long. The release does not describe the specific comments the GAO made on the proposed standard.

The GAO listed James R. Dalkin, Director of Financial Management and Assurance, as the contact for the letter. The agency said the letter relates to auditing and financial management, financial statements, professional standards, auditors and financial management.

The IAASB's exposure draft process allows organizations to submit comments on proposed standards before they are finalized.

Source: U.S. Government Accountability Office.

Originally published by True News: https://truenews.bagleyenterprises.net/stories/597