Activities and Interest Areas
The SMP Committee’s objectives as outlined in their Strategy and Work Plan fall into one of more of the following areas.
The Four Strategic PillarsStandard-Setting
The SMP Committee is dedicated to providing regular and timely input to the international standard-setting process in order to help ensure the stability, relevance, and proportionality of international standards to SMEs and SMPs.
The committee monitors the activities of the IAASB, IESBA, and other relevant bodies, such as the IFRS for SMEs developed by the International Accounting Standards Board (IASB), and submits comment letters at all key stages of the development process, from project proposal to draft exposure draft (ED) and, often, post exposure. A representative from the committee attends all IAASB Consultative Advisory Group (CAG) and IESBA CAG meetings, where the committee’s comment letters are frequently included on the agenda.Recently submitted comment letters:
Regulation and PolicyThe committee works to increase the participation of SMPs and small- and medium-sized entities (SMEs) in global public policy and regulatory dialogue.
- re: Exposure Draft, Reporting on Audited Financial Statements: Proposed New and Revised ISAs
- re: Consultation Paper, A Framework for Audit Quality
- re: Request for Information: IFRS for SMEs
- re: Exposure Draft, Responding to a Suspected Illegal Act
- re: Invitation to Comment, Improving the Auditor's Report
- re: Enhancing the Value of Auditor Reporting: Exploring Options for Change
- re: ISAE 3000 (Revised)
Recent activity includes developing and contributing to the following comment letters:
Resources and ToolsIn order to foster the growth and development of this sector, the committee provides practical assistance to SMPs with a focus on implementation of standards, practice management, and business advisory. Click "More" for comprehensive lists of links to related resources in these areas from IFAC, our member bodies, and other relevant organizations.Communication
- re: IIRC's Consultation Draft of the International Integrated Reporting Framework
- re: SMOs 1 through 7 (Revised)
- re: IIRC's Discussion Paper, Towards Integrated Reporting
- re: European Commission’s Green Papers on audit policy and the EU corporate governance framework
To raise awareness of the importance and value of this sector, the committee members and staff participate in speaking engagements at national, regional, and global events and meetings, organize and co-host the annual SMP Forum, issue timely press releases and SMP eNews, and support other initiatives, including articles for member bodies to share with their own members and the SMP Quick Poll (Poll Results).
The SMP Committee also monitors the extent and effectiveness of IFAC groups.
Features news related to SMPs and their SME clients, including resources, the SMP Quick Poll, and more.
RESOURCES AND TOOLS
Access resources from IFAC, member organizations, and others in three areas: