SMPAG Response to the IAASB Strategy & Work Plan Consultation

Overall, the Small and Medium Practices Advisory Group (SMPAG) generally supports the IAASB’s Proposed Strategy and Work Plan for 2024-2027.

A key point, which is highlighted throughout our response, is the need for the IAASB to be far more sensitive to the volume and number of changes with the ISAs going forward. SMPs and Professional Accountancy Organizations (PAOs) are continuing to struggle with the implementation and adoption of new and revised standards because of the pace of change. Practitioners are being overwhelmed by the changes, which should not be viewed in isolation, as they are also dealing with changes to other international standards and local regulations, together with all the daily issues that come from managing their practices. PAOs are also finding it challenging to support education and training on a timely basis to maintain quality. In this context, we strongly believe that – once the existing projects on going concern and fraud have been completed – there needs to be a period of stability where no new or revised auditing standards become effective for a period of time.