Policy Position Papers
Published: Mar 06, 2012
All available Translations
A Single Set of Auditing Standards: Audits of Small- and Medium-Sized Entities
Revised Policy Position Paper #2
This paper discusses the public interest considerations relevant to the application of International Standards of Auditing (ISAs), set by the International Auditing and Assurance Standards Board (IAASB), for audits of small- and medium-sized entities (SMEs). It highlights how IFAC and the IAASB take into account the needs and views of SMEs and small- and medium-sized accountancy practices (SMPs), as well as describing initiatives undertaken so that ISAs can be used cost-effectively for the financial statement audits of entities of all sizes. Implications for IFAC members and associates are also discussed.
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