Supporting International Standards

IFAC SMP Committee Comment Letter on the IAASB's Exposure Draft on Quality Management at the Firm and Engagement Level

SMP Committee
Jul 11, 2019 | Comment Letters
English

The SMPC is concerned that the QM standards' complexity may eventually drive a compliance mindset, especially amongst smaller firms who become subject to proportionately greater documentation burdens to “explain/prove” their compliance. Therefore, it is important for the IAASB to ensure that the final suite of QM standards address this issue to foster an effective focus on the quality of the engagement each individual firm delivers, as opposed to compliance with complex standards. In any case, the SMPC believes that the implementation period should not be less than 24 months after the approval of the standards by the PIOB.

 

Copyright © 2019 The International Federation of Accountants (IFAC). All rights reserved.

 

Related Resources

 

Looking for the standard-setting boards?

View Boards Site

Primary tabs

Thank you for your interest in our publications. These valuable works are the product of substantial time, effort and resources, which you acknowledge by accepting the following terms of use. You may not reproduce, store, transmit in any form or by any means, with the exception of non-commercial use (e.g., professional and personal reference and research work), translate, modify or create derivative works or adaptations based on such publications, or any part thereof, without the prior written permission of IFAC.

Our reproduction and translation policies, as well as our online permission request and inquiry system, are accessible on the Permissions Information web page.

For additional information, please read our website Terms of Use. ALL RIGHTS RESERVED.