Small- and medium-sized practices (SMPs) may require practical support when implementing the International Standards on Auditing (ISAs) in audits of small- and medium-sized entities (SMEs). IFAC (International Federations of Accountants) has updated the Guide to Using ISAs in the Audits of SMEs, Fourth Edition (the Guide) to help firms efficiently and proportionally apply ISAs on SME audits.

This fourth edition is updated to reflect recent changes to the ISAs including International Auditing and Assurance Standards Board (IAASB) projects on:

• Auditor Reporting;
• Disclosures;
• The Auditor’s Responsibilities Relating to Other Information; and
• Using the Work of Internal Auditors.

The Guide is designed for use by all practitioners. Volume 1 covers the fundamental 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.

Since it was first published in 2007, the Guide has been downloaded over 100,000 times and there are 22 translations completed or in progress. To help facilitate additional translations, IFAC Members can request a Word version of the Guide with tracked changes.

Many firms use the Guide for training purposes and as the basis for firm manuals. In order to help them and our member organizations maximize the Guide’s use, IFAC has also updated the Companion Manual which provides practical ‘best use’ suggestions for the Guide.

IFAC has a long history of developing implementation support for international standards. In addition to the Guide, the extensive suite of material includes:

• Guide to Quality Control for Small- and Medium-Sized Practices, Third Edition
• Guide to Review Engagements
• Guide to Compilation Engagements
• Agreed-Upon Procedures (AUP) Engagements A Growth and Value Opportunity
• Choosing the Right Service: Comparing Audit, Review, Compilation, and Agreed-Upon Procedure Services

The International Auditing and Assurance Standards Board (IAASB) seeks public comment by November 2, 2018 on Exposure Draft, ISA 315 (Revised), Identifying and Assessing the Risks of Material Misstatement.

To ensure that International Standards on Auditing continue to form the basis for high-quality, valuable and relevant global audits, the IAASB proposes more robust requirements and improved guidance to:

• Drive consistent and effective identification and assessment of risks of material misstatement;
• Modernize ISA 315 to meet evolving business needs, including information technology, and how auditors use automated tools and techniques, including data analytics, to perform audit procedures;
• Improve the standard’s applicability to entities across a wide spectrum of circumstances and complexities; and
• Focus auditors on exercising professional skepticism throughout the risk identification and assessment process.

Through its ISA Implementation Monitoring Project and targeted continuing stakeholder outreach, the IAASB has received significant stakeholder input as the proposed revisions have been developed. The Exposure Draft is a key element of the IAASB’s work to address the fundamental elements of an audit and thereby enhance audit quality.

Nominating Committee

The IFAC Nominating Committee is responsible for selecting volunteer members to serve on the independent standard-setting boards, the IFAC Board and committees. These volunteers are central to the effective functioning of these boards and IFAC.

The Nominating Committee selects the most suitable person for an available position based on candidates’ professional background and board/committee’s needs. It also seeks to achieve broad regional, professional, and gender balance.

Highlights from the June 18-23 2018 meeting in New York, NY.

• 00:14 – Introduction: Dan Montgomery, IAASB Interim Technical Director
• 00:46 - Highlights & Key Developments: Arnold Schilder, IAASB Chairman
• 02:07 – ISA 540 (Revised): Rich Sharko, Task Force Chair and IAASB Member 
• 04:35 – ISA 315 (Revised): Fiona Campbell, Task Force Chair and IAASB Member 
• 07:32 - ISA 220: Megan Zietsman, IAASB Deputy Chair
• 10:59 - ISQC 1 and Emerging Forms of External Reporting: Dan Montgomery, IAASB Interim Technical Director
• 12:32 - Closing Remarks: Dan Montgomery, IAASB Interim Technical Director

Highlights from the IPSASB's June 19 - 22, 2018 meeting in Toronto.

• 0:10 -- Welcome and introduction: John Stanford, IPSASB Technical Director
• 1:19 -- Chair’s meeting overview: Ian Carruthers, IPSASB Chair
• 2:39 -- Financial Instruments: Dave Warren, IPSASB Manager, Standards Development and Technical Projects,
• 4:43 -- Social Benefits and Non-Exchange Expenses: Paul Mason, IPSASB Principal
• 6:39 – Revenue: Amon Dhliwayo & Joanna Spencer, IPSASB Managers, Standards Development and Technical Projects,
• 8:50 -- Strategy and Work Plan Roundtables: Ross Smith, Deputy Director
• 10:18 -- Chair’s closing comments: Ian Carruthers, IPSASB Chair
• 11:19 -- Closing remarks: John Stanford, IPSASB Technical Director

Our membership consists of over 185 professional accountancy organizations (PAOs) in more than 140 jurisdictions.* Our total membership represents millions of professional accountants across the globe.

*As of June 2025