Small and Medium Practices Advisory Group
Small- and medium-sized practices (SMPs) are a critically important part of the accounting profession and constitute the vast majority of accountancy practices worldwide. A strong SMP constituency can contribute to increased choice and competition in the market for professional services.
SMPs service an extremely significant segment of the economy – small- and medium-sized entities (SMEs). Research indicates that more than 95% of enterprises across the world are SMEs, accounting for approximately 60% of private sector employment and contributing significantly to countries’ gross domestic product (GDP). SMEs are crucial to the health, stability, and sustainable economic growth of both developed and developing economies.
The definition of SMP will vary from one jurisdiction to another. IFAC describes SMPs as practices that exhibit the following characteristics: their clients are mostly SMEs; they use external sources to supplement limited in-house technical resources; and they employ a limited number of professional staff.
The IFAC SMP Advisory Group is an advisory body that provides strategic input on IFAC’s activities in three main areas:
- Supporting standard setting—providing regular and timely input to the international standard-setting process in order to help ensure the stability, relevance, and proportionality of international standards to SMEs/SMPs;
- Building a future-ready profession—developing and sharing practical guidance, tools and resources with a focus on implementation of international standards, practice management, and business advisory services; and
- Speaking out—promoting the visibility and recognition of SMPs and representing and advocating on behalf of SMPs and SMEs worldwide.
|Monica Foerster, Chair
|Alex Peal, Deputy Chair
|Muhammad Ali Latif
|Danielle Supkis Cheek
|United States of America
|Comfort Olujumoke Eyitayo
|John Joseph Nagy
|Faith Zandile Ngwenya
|Yip Ngai Shing (Jimmy)
|Hong Kong, Special Administrative Region of China
|Monica Roxana Stefan
Practice Transformation Hub for Small and Medium Practices (SMPs)November 1, 2023
Practice Transformation Action PlanMay 1, 2020
Sustainability Information for Small Businesses: The Opportunity for PractitionersNovember 18, 2021
Guide to Practice Management for Small- and Medium-Sized PracticesMay 23, 2018
New Global SMP Survey Reveals Keys to Growth for Small Accounting FirmsOctober 23, 2018
The Role of SMPs in Providing Business Support to SMEs: New EvidenceSeptember 14, 2016
Agreed-Upon Procedures EngagementsDecember 21, 2020
Choosing the Right Service: Comparing Audit, Review, Compilation, and Agreed-Upon Procedure ServicesSeptember 30, 2016
Guide to Review EngagementsDecember 10, 2013
Guide to Compilation EngagementsSeptember 24, 2015
Small Business Continuity ChecklistMay 11, 2020