IFAC supports SMPs through initiatives in several key areas.
Standard Setting
Regular and timely input to the international standard-setting process helps ensure the stability, relevance, and proportionality of international standards to SMEs and SMPs.
With input from the SMP Committee, IFAC submits comment letters at all key stages of the development process, from project proposal to draft exposure draft (ED) and, often, post exposure to the IAASB, IESBA, and other relevant bodies, such as the International Accounting Standards Board (IASB), which develops the IFRS for SMEs. A representative of the SMP Committee observes all IAASB, IESBA, IAASB Consultative Advisory Group (CAG), and IESBA CAG meetings.
- IFAC Small and Medium Practices Committee Response to the IAASB’s Invitation to Comment, Enhancing Audit Quality in the Public Interest: A Focus on Professional Skepticism, Quality Control and Group Audits | May 16, 2016
- SMP Committee Response to the IESBA Limited Re-exposure of Proposed Changes to the Code Addressing the Long Association of Personnel with an Audit Client | May 11, 2016
- IFAC Small and Medium Practices (SMP) Committee Response to the International Ethics Standards Board for Accountants (IESBA) Exposure Draft: Improving the Structure of the Code of Ethics for Professional Accountants—Phase 1 | Apr 18, 2016
- IFAC Small and Medium Practices (SMP) Committee Response to the International Ethics Standards Board for Accountants (IESBA) Exposure Draft: Proposed Revisions Pertaining to Safeguards —Phase 1 | Mar 21, 2016
- IFAC Small and Medium Practices (SMP) Committee Response to the International Accounting Education Standards Board (IAESB) Consultation Paper: Meeting Future Expectations of Professional Competence: A Consultation on the IAESB’s Future Strategy and Priorities | Mar 08, 2016
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Resources and Tools
IFAC facilitates the sharing of tools and resources to help SMPs compete in the global marketplace.
Using research and input from the SMP Committee to determine the gaps in available resources for SMPs, IFAC provides practical assistance to our member bodies to support their SMP constituents where it is needed most.
Key comprehensive guides include the Guide to Review Engagements, Guide to Quality Control for SMPs, Guide to Using ISAs in the Audit of SMEs, and Guide to Pratice Management for SMPs.
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