Exposure Draft
Standard for Audit of Smaller and Less
Complex Entities (SA-SLCE)

(Last date for comment: March 31, 2021)

Issued by
Auditing and Assurance Standards Board
The Institute of Chartered Accountants of India
(Set up by an Act of Parliament)
New Delhi

Exposure Draft
Standard for Audit of Smaller and Less Complex
Entities (SA-SLCE)

Your comments on this Exposure Draft should reach us by March 31, 2021 Comments are most helpful if they indicate the specific paragraph(s) to which they relate, contain a clear rationale and, where applicable, provide a suggestion for alternative wording. The comments should be sent to:

Secretary, Auditing and Assurance Standards Board
The Institute of Chartered Accountants of India
ICAI Bhawan, A-29, Sector-62,
NOIDA, Uttar Pradesh – 201 309

Comments can also be e-mailed at: aasb@icai.in

Chapter 1
Applicability of SA-SLCE

Definition

Smaller and Less Complex Entity (SLCE) means an unlisted entity which satisfies all the following conditions –

1. Entity which is not a company.

2. Entity whose turnover/ gross receipts is not exceeding rupees 50 crore in the last audited annual financial statements.

3. Entity whose turnover/ gross receipts is not exceeding rupees 50 crore in the accounting year under audit.

4. Entity whose investment in plant and machinery or equipment is not exceeding rupees 10 crore as on the first day of the accounting year under audit.

5. Entity which is not into the business of Banking/Insurance/NBFC at any time during the year.

Read Full Text of Exposure Draft Standard for Audit of Smaller and Less Complex Entities (SA-SLCE)

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