In her new role as Chair of the IFAC Small and Medium Practices (SMP) Committee, Monica Forester discusses some of the key projects underway and upcoming to further support the important work of SMPs, and the work they do in support of small- and medium-sized entities (SMEs). The main activities areas are:
1. Provide regular and timely input to the international standard-setting process to help ensure the stability, relevance, and proportionality of international standards to SMEs and SMPs;
2. Develop and share practical guidance, tools, and resources with a focus on the implementation of international standards, practice management, and business advisory services; and
3. Globally represent and advocate for SMPs by promoting the visibility and recognition of SMPs and SMEs worldwide.
In addition, Ms. Foerster highlights current projects to update the Guide to Practice Management for SMPs and Guide to Using the ISAs in the Audit of SMEs and emphasizes the importance of emerging trends in technology and the value of the Global Knowledge Gateway as a knowledge sharing mechanism.