The IFAC Small and Medium Practices Committee welcomes the opportunity to provide input to the International Auditing and Assurance Standards Board future strategy and supports the planned work to explore what more can be done for audits of smaller or less complex entities. Worldwide, small- and medium-sized entities, representing over 90% of business, rely primarily on SMPs as their preferred advisers. It is important for the IAASB to give greater consideration to matters relating to SMEs and SMPs in all of its activities.
The IFAC Small and Medium Practices Committee had responded to the Fees Questionnaire towards the end of February 2018. On a macro level, it is the view of the Committee that the issue of fees is multi-faceted and IESBA will need to develop a more holistic approach to tackle any issue, perceived or otherwise in this domain in their next Strategic Work Plan 2019-2023. It is hoped that the data collected from this Survey will assist in shaping the IESBA’s work effort going forward.
IFAC is excited to launch the 2018 Global SMP Survey! As in past years, your support and promotion to your members is vital to its success, and importantly, provides an opportunity for your members to contribute.
The survey helps your member organization and IFAC gain an understanding of the specific challenges and opportunities faced by SMPs and SMEs and as a result, better serve this critical constituency. Individual country results will be available to enable you to compare to regional and global findings.
The #SMPSurvey is open in 20+ languages until May 21, 2018! This year's survey includes new questions on next generation talent, technology developments, talent management initiatives and marketing and branding.
IFAC Member Organizations can use this toolkit with material to share, and translate - when appropriate - with your members. This includes key messaging, a draft e-mail, social media and a PowerPoint promotion slide.
We hope to see your posts on social media and that you follow our conversation @IFAC_SMP
The IFAC Small and Medium Practices (SMP) Committee submitted this comment letter to the International Ethics Standards Board for Accountants in response to its Exposure Draft, Proposed Revisions to the Code Pertaining to the Offering and Acceptance of Inducements.
The Instituto Nacional de Contadores Públicos de Colombia (INCP), with IFAC’s support, will hold a Regional SMP Forum on November 24, 2017 to bring practitioners from small- and medium-sized accountancy practices (SMPs) together for a day-long seminar to focus on audit quality and how practitioners can build a successful practice.
When/Where? The event will be held November 24, 2017, at the Casa Dann Carlton Hotel in Bogota, Colombia
What? An international and regional line-up of subject matter experts will steer the forum and share important insights on pertinent areas of audit quality and practice management.
The line-up of speakers includes:
Hugo Ospina INCP - CEO – President
Jose Sanabria – KPMG Partner
Cristobal Uribe – Amezquita Partner
Wilmar Franco – CTCP
Jorge Casteblanco – Crowe Horwarth Partner
Jorge Pineiro – EY Partner
Edgar Villamizar – Baker Tilly Partner
Paola Vacca – BDO Marketing Director
Monica Foerster – IFAC SMP Committee Chair
Dawn McGeachy – IFAC SMP Committee Member
Beverley Bahlmann – International Auditing and Assurance Standards Board Deputy Director
Christopher Arnold – IFAC Head of SME/SMP and Research
Who Should Attend? The forum is open to accounting practitioners, as well as other professionals, who work directly or indirectly with SMP/SME affairs.
Why? The event will examine the structure of the ISA pronouncements and how they can be applied proportionately. Additionally, the forum will include a session on building a successful practice, including evolving to be future ready and building capacity to offer to advisory services. Both sessions will include an overview of relevant guidance, including the IFAC Guide to Practice Management.
