Proposed international standard on auditing financial statements of less complex entities: IAASB IAAER roundtables—Breakout 2 Design, Structure, and Content

In this commentary, we summarize stakeholder views articulated during roundtables addressing the 2021 International Auditing and Assurance Standards Board's (IAASB) Exposure Draft: Proposed International Standard on Auditing of Financial Statements of Less Complex Entities (ED LCE). In support of its mission, the International Association for Accounting Education and Research (IAAER)—together with the IAASB—organized by-invitation roundtables bringing together audit practitioners, academics, and financial statements users. A structured agenda was followed and addressed some of the topics on which the IAASB sought views. This commentary provides a summary of views heard during the second roundtable breakout session focused on Design, Structure, and Content and provides recommendations to the IAASB regarding the way forward. A paper addressing the first breakout session on Authority and Group is available in a previous issue of the Journal of International Financial Management and Accounting.