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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 Pillars
Standard-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 SMP 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:
Recently submitted comment letters:
- re: Enhancing the Value of Auditor Reporting: Exploring Options for Change
- re: ISAE 3000 (Revised)
- re: Exposure Draft, ISRE 2400 (Revised)
- re: Proposed IAASB Strategy and Work Program for 2012-2014
- re: ISRS 4410 (Revised)
- re: Exposure Draft, IES 7
Regulation and Policy
The committee works to increase the participation of SMPs and small- and medium-sized entities (SMEs) in global public policy and regulatory dialogue.
- Recent activities: The committee responded to the IFAC Board's ED on SMOs 1 through 7 (Revised) and the IIRC's Discussion Paper, Towards Integrated Reporting and contributed to IFAC’s responses to the European Commission’s Green Papers on audit policy and the EU corporate governance framework.
Resources and Tools
In 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
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 (January results, April results, August results, December and Year-End Results).
- See also the SMP Committee Discussion Board and Twitter Feed
The SMP Committee also monitors the extent and effectiveness of IFAC groups.
