The International Auditing and Assurance Standards Board (IAASB) has started the consultation process about its future strategy. Today it releases a Strategy Survey to seek views and insights from its stakeholders on emerging developments and trends that are likely to be important to its 2020-2023 strategy.
The survey serves as an important tool to help identify key issues for consideration in developing its future strategy in the context of the IAASB’s broad strategic focus and the changing environment, and with the overriding objective of serving the public interest.
The input from the survey will help inform the development of a Consultation Paper on the IAASB’s 2020-2023 strategy, expected to be published at the end of 2018.
The IAASB is looking to obtain the views of its stakeholders on areas of future focus as the IAASB continues its work on current projects, including revisions of the standards on auditing accounting estimates; identifying and assessing risks of material misstatement; and quality control for firms and audit engagements, and undertakes work on agreed upon procedures engagements and emerging forms of external reporting.
The IAASB seeks input from all interested stakeholders. The survey will remain open until July 24, 2018. French and Spanish translations will be available on the IAASB's website next week.
Small- and medium-sized practices (SMPs) in a digital, globalized world need to adopt "good practices" to best serve their clients. IFAC (International Federations of Accountants) has released an updated publication—the Guide to Practice Management for Small- and Medium-Sized Practices Fourth Edition (the Guide) to help SMPs meet this challenge. The Guide will help SMPs improve their management and operational efficiency and support their sustainability and success.
Now in its fourth edition, the Guide is organized into eight stand-alone modules, including a new module on Leveraging Technology. The revised Guide addresses a comprehensive range of topics including:
Strategic planning;
Managing staff;
Client relationship management;
Risk management; and
Succession planning.
The new Leveraging Technology module covers how technology developments are fundamentally changing the way organizations operate and recognizes that SMPs must adapt to service their clients that utilize technology. Included are topics such as developing a technology strategy, hardware and software options, technology risks, new and emerging technologies, and leveraging technology for practice innovation.
In order to help IFAC member organizations and practices maximize the Guide’s use, IFAC has updated theCompanion Manual, which provides suggestions on making best use of the Guide.
IFAC Guide to Practice Management 4th Edition Includes New Section on Leveraging Technology
Welcome to the fourth edition of the IFAC Guide to Practice Management for Small- and Medium-Sized Practices.
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:
