IFAC Updates Ethics Section in Practice Management Guide for Small- and Medium-Sized Practices
Nov 25, 2019 | English
IFAC has updated its Practice Management Guide to reflect changes made to the 2018 International Code of Ethics for Professional Accountants (including International Independence Standards), effective June 2019. The update includes:
- Changes to section 7.2 ‘Professionalism and Ethics within the Firm';
- Information on identifying, evaluating and addressing threats; and
- Available safeguards to reduce threats to an acceptable level.
The Guide provides comprehensive guidance to help small- and medium-sized practices operate more efficiently in the increasingly complex and competitive global marketplace for professional services. The fourth edition is organized into eight stand-alone modules, with a comprehensive range of topics including:
- Strategic planning
- Practice models
- Firm expansion
- Managing staff
- Leveraging technology
- Client relationship management
- Risk management
- Succession planning
In order to help member organizations and practices maximize the Guide's use, IFAC provides a companion manual with suggestions on making best use of the Guide.