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IFAC Updates Audit Implementation Guide for SMPs

Nov 10, 2011 | New York, New York | English

The Small and Medium Practices (SMP) Committee of the International Federation of Accountants (IFAC) today released the third edition of its Guide to Using International Standards on Auditing in the Audits of Small- and Medium-Sized Entities (ISA Guide). Intended to help practitioners understand and efficiently apply the clarified ISAs to audits of small- and medium- sized entities (SMEs), the updated guide features a number of refinements to the technical content and presentation.

“Practitioners in many jurisdictions have begun using the clarified ISAs, and effective implementation of these standards is key to audit quality,” said SMP Committee Chair Sylvie Voghel. “The ISA Guide should help practitioners conduct high-quality, cost-effective audits of SMEs, thereby contributing to the quality of the profession and our mission to serve the wider public interest.”

The comprehensive implementation guide offers a practical “how-to” approach for conducting risk-based audits of SMEs. First issued in 2007 and developed with the Canadian Institute of Chartered Accountants, it is designed for use by all practitioners, whether or not they are already familiar with the ISAs. Volume 1 covers the basic concepts of a risk-based audit in conformance with the ISAs. Volume 2 contains practical guidance on performing SME audits, including two illustrative case studies—one of an SME audit and one of a micro-entity audit.

The updated ISA Guide can be downloaded free of charge from the SMP Publications and Resources area of the IFAC website. Filter by language to find translations of previous editions of the guide, which were conducted by member bodies and other organizations. Visit the Small and Medium Practices pages for access to additional relevant resources from IFAC and others (see Relevant Links—Implementation Resources). For access to the clarified ISAs, see the IAASB Clarity Center.

About the SMP Committee
The SMP Committee of the International Federation of Accountants represents the interests of professional accountants operating in small- and medium-sized practices and other professional accountants who provide services to small- and medium-sized entities (SMEs). The committee develops guidance and tools, and works to ensure the needs of the SMP and SME sectors are considered by standard setters, regulators, and policy makers. The committee also speaks out on behalf of SMPs to raise awareness of their role and value, especially in supporting SMEs, and the importance of the small business sector overall.

About IFAC     
IFAC is the global organization for the accountancy profession, dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. It is comprised of 164 members and associates in 125 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce. 

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