Published: Aug 14, 2018
IFAC SMP Committee response to the IAASB Strategy Survey
The SMPC welcomes the opportunity to provide input to the IAASB future strategy and supports the planned work to explore what more can be done for audits of smaller or less complex entities. Worldwide, SMEs, representing over 90% of business, rely primarily on SMPs as their preferred advisers. It is important for the IAASB to give greater consideration to matters relating to SMEs and SMPs in all of its activities. For example, the SMPC believes that the IAASB should look closely at root cause analysis behind regulator findings that result in calls for the IAASB to act. If the standards are sound, but non-compliance is the issue, there may be no need for action by the IAASB. Where misunderstanding/ misinterpretation of the standards has led to non-compliance, clarification (e.g. implementation support) could be warranted.
Copyright © 2018 The International Federation of Accountants (IFAC). All rights reserved.
Find more publications & resources related to: