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IFAC FOCUS AREAS
- Accountability. Now.
- Developing the Global Profession
- Global Representation and Advocacy
- Professional Accountants in Business
- Small and Medium Practices
Independent Standard-Setting Boards
The International Auditing and Assurance Standards Board sets high-quality international standards for auditing, assurance, and quality control that strengthen public confidence in the global profession.
The International Accounting Education Standards Board establishes standards, in the area of professional accounting education, that prescribe technical competence and professional skills, values, ethics, and attitudes.
The International Ethics Standards Board for Accountants sets high-quality, internationally appropriate ethics standards for professional accountants, including auditor independence requirements.
The International Public Sector Accounting Standards Board develops standards, guidance, and resources for use by public sector entities around the world for preparation of general purpose financial statements.
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Audit & Assurance
Accounting firms offer a wide range of professional services to their clients, including audit, review, other assurance, and related services. These services are regulated, with many jurisdictions requiring compliance with international standards or national requirements that have been based on international ones. High-quality international standards increase the comparability, consistency, clarity, credibility, and transparency of financial information. And, high-quality financial information, in turn, increases the stability of the global financial infrastructure. Read More
by Phil Cowperthwaite, Former Member, IFAC SMP Committee | January 22, 2015 |
With the growing demand for non-assurance services, compilation engagements conducted in compliance with the revised International Standard on Related Services (ISRS) 4410 provide new opportunities for professional accountants in practice and their clients. Read More
Communication Is Vital to the Performance of SME Audits
by Katharine Bagshaw, Member, IFAC Small and Medium Practices Committee | November 11, 2014 |
Identifying who is charged with governance, and ensuring appropriate communication and documentation, are vital to the success of smaller entity audits. Read More
Growing Your Practice: Agreed-Upon Procedures Engagements
by Dawn McGeachy, IFAC SMP Committee Member & Chair of the Implementation Guidance Task Force and Christopher Arnold, Technical Manager, SME & SMP Affairs, IFAC | October 28, 2014 |
Recognizing that agreed-upon procedures engagements have the potential to be an attractive and fast-growing service offering to SMEs, the IFAC SMP Committee is interested in how these engagements are being performed under ISRS 4400, Engagements to Perform Agreed-Upon Procedures Regarding Financial Information. Read More
Why Review Engagements Might Be a Perfect Fit for Your Small Business Clients
by Phil Cowperthwaite, Member, IFAC SMP Committee | October 17, 2014 |
Review engagements provide a limited form of assurance on historical financial statements and may be a cost effective and value-adding alternative when an audit is not required. Read More
Quick and Accurate Data Extraction Enabled by New AICPA Standards
by Kristine Hasenstab, Director, PwC US, and a CPA in Georgia and Eric E. Cohen, XBRL Global Technical Leader, PwC US, and a CPA in New York | September 29, 2014 |
A new series of standards from the American Institute of CPAs for organizing general ledger and sub-ledger data may reduce the effort involved in finding, preparing, and sharing evidentiary data. Read More
- 2014 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements
October 8, 2014 - IAASB
- Guide to Using International Standards on Auditing in the Audits of Small- and Medium-Sized Entities, Third Edition
November 9, 2011 - IFAC
- Guide to Quality Control for Small- and Medium-Sized Practices, Third Edition
July 31, 2011 - IFAC