The voice of your professional accountancy organization (PAO) matters.

The accountancy profession is most successful and sustainable with the support of healthy national and regional professional accountancy organizations (PAOs) that have robust, effective relationships with their national and regional stakeholders, including government and regulators.

The success of any PAO relies in large part on its ability to effectively communicate, and demonstrate, its relevance to society. This begins early in a PAO’s development with promotion of:

Partner at Confidor, Chair of IFAC's SMP Advisory Group

Monica Foerster became Chair of the IFAC SMP Advisory Group (SMPAG) in 2017, after serving as its Deputy Chair. A SMPAG member since 2014, she was nominated by Conselho Federal de Contabilidade (CFC) and Instituto dos Auditores Independentes do Brasil (IBRACON). With 20 years of experience in the accountancy profession, Ms. Foerster is a partner at Confidor, an accounting, tax, and law firm with offices in Porto Alegre and São Paulo, Brazil.

Monica is currently a member of the Board of Directors of Ibracon Brazil (where she was the SMP Director and coordinator of the SMP Working Group for 6 years), and a board member at the Accounting Council (where she was also the coordinator of the Committee of Audit Studies (CRCRS) for 4 years. 

Monica holds an MBA in financial management, controllership and audit from the FGV – Fundação Getúlio Vargas, Brazil, and a degree in accounting from the Universidade Federal do Rio Grande do Sul – UFRGS, Brazil. 

Developed in conjunction with CPA Canada, this guide aims to help professional accountants in practice, especially those operating in small- and medium-sized practices (SMPs), in conducting review engagements in compliance with International Standard on Review Engagements (ISRE) 2400 (Revised), Engagements to Review Historical Financial Statements. 

This guidance was written for all organizations, regardless of their size or structure, private or public, to support the accountancy profession’s facilitation of sustainable organizations, financial markets, and economies by providing guiding principles to manage the complexities of performing a robust project and investment appraisal. Greater rigor in the appraisal and decision process can be achieved by using the principles as a benchmark against which to assess an organization’s current practice.

A strong and well-governed professional accountancy organization (PAO) produces and sustains a strong accountancy profession that is able to serve the public interest and contribute to economic stability and growth. A successful PAO gains much of its strength from the sense of identity, benefits, and rights that members derive from membership; and from the contributions that individual members and firms make to the PAO in recognition of its public interest perspective.

This third edition of the guide features enhancements to the two sample manuals, as well as other refinements for clarity and consistency with International Standard on Quality Control (ISQC) 1. The guide contains the requirements set out in ISQC 1 in addition to implementation guidance, including discussion material and an integrated case study that can be used as the basis for education and training.

Nicola Campbell joined the International Panel on Accounting Education (IPAE) as an observer from the Financial
Reporting Council (FRC) in the United Kingdom in June 2026.

Nicola is Head of Qualifications and Learning at the FRC, where she leads a team responsible for the regulatory
supervision of professional education and training for accountants, actuaries and auditors in the UK. In this role, she
contributes to advancing high-quality accounting and audit education and supports the development of future-ready
professionals. Prior to joining the FRC, Nicola spent 16 years working within a professional body environment, where
she gained extensive experience across education, including qualification design, learning delivery and assessment,
with a particular focus on public sector finance.

Through her work, Nicola engages with a wide range of stakeholders involved in professional education and training,
contributing to initiatives that strengthen standards, enhance learning frameworks, and support professional
competence across the accountancy and audit professions.

Nicola holds a BA in Business Law from the University of Stirling and is a Fellow of the Chartered Institute of
Management Accountants (CIMA).