IFAC SMP Committee
IFAC SMP Permanent Task Force
Meeting
Summary
Bucharest, Romania, September 1-2, 2010
Contact: Paul Thompson (paulthompson@ifac.org)
Chennai, India, January 10-11, 2007
This meeting summary of the IFAC Small and Medium Practices (SMP)
Committee has been prepared for information purposes only. Decisions
reported are tentative
and India,
reflectJanuary
only the
current
Chennai,
10-11,
2007status of discussions on
projects which might change after further deliberation by the SMP
Committee.
Chennai, India, January 10-11, 2007
Strategic Planning
The committee approved its Strategy and Work Plan for 2011-14. This plan
Chennai,
India, January
10-11,
2007 Board’s review on how
takes account of the
recommendations
from
the IFAC
IFAC can best support SMPs. The committee intends to finalize and approve
the plan at its next meeting. The plan, which includes new objectives for
Chennai,
January 10-11,
inputting to regulation
andIndia,
policy-making
and 2007
communicating the value of
SMPs, will take effect from January 1, 2011. The work plan include initiatives
to position and equip SMPs as business advisors and help member bodies
Chennai,
India, January
10-11, 2007
share and collaborate
on products
and services
aimed at supporting SMPs.
The strategy document will be posted to the SMP Committee website at
http://wwww.ifac.org/smp in the coming few months.
Chennai, India, January 10-11, 2007
Input to IAASB Standard Setting
The committee received a presentation from Professor Arnold Schilder, Chair
Chennai, India, January 10-11, 2007
of the International Auditing and Assurance Standards Board’s (IAASB).
Professor Schilder focused on the development of the IAASB’s strategy and
1
work program forChennai,
2012-2014
andJanuary
sought10-11,
comments
India,
2007on those aspects of most
relevance to SMPs and SMEs. The committee is presently focusing its input
on various projects2 including ISA implementation support and monitoring;
ISAE 3000; and reviews
and
compilations.
Chennai,
India,
January 10-11, 2007
Input to IESBA Standard Setting
The committee was
informed
thatJanuary
SMP Committee
staff will observe the next
Chennai,
India,
10-11, 2007
meeting of the International Ethics Standards Board for Accountants
(IESBA). The committee was asked its views on what general points the
observer might Chennai,
make if India,
the opportunity
arose.
January 10-11,
2007In June the committee
submitted a response to the IESBA’s draft Strategy and Work Plan for 201020123 in which it stressed the need for increased support for SMPs in
January 10-11,
implementing theChennai,
revised India,
and redrafted
Code2007
of Ethics for Professional
Accountants.
Chennai, India, January 10-11, 2007
Chennai, India, January 10-11, 2007
1
See http://www.ifac.org/IAASB/Meeting-BGPapers.php?MID=0209&ViewCat=1345 for the latest
set of IAASB agenda papers
2
Chennai, India,forJanuary
10-11,
2007
See http://www.ifac.org/IAASB/Projects.php
all project
summaries
3
See http://www.ifac.org/Guidance/EXD-Comments.php?EDID=0137&Group=Others
Input to IASB Standard Setting
The committee agreed to monitor and assist with implementation of the
standard primarily through the IFAC nominees represented on the SME
Implementation Group4. The committee noted the International Financial
Reporting Standards Foundation’s (IFRSF) has published free-todownload training material to support implementation of the International
Financial Reporting Standard for Small and Medium-sized Entities (IFRS for
SMEs)5 and that a number of member bodies and regional organizations are
using the material in workshops.
ISA Guide
At its June meeting the committee approved for publication an updated Guide
to Using International Standards on Auditing in the Audits of Small- and
Medium-sized Entities6 (ISA Guide). The second edition of the ISA Guide is
expected to be launched in late September 2010 and like all of the
committee’s publications a PDF version will be available for download free of
charge from the ‘Publications and Resources’ section of the IFAC website 7. It
will conform to the redrafted ISAs8 and include various improvements based
on feedback from users of the first edition. Designed to help practitioners
efficiently apply ISAs to audits of SMEs, the updated ISA Guide will
comprise two volumes, the first describing the basic concepts of a risk based
audit in conformance with ISAs and the second setting out the practical
guidance for the audit of SMEs.
Quality Control Guide
In July the committee published an updated Guide to Quality Control for Use
by Small- and Medium-sized Practices (QC Guide)9, an implementation guide
intended to help SMPs understand and efficiently apply the redrafted
International Standard on Quality Control 1, Quality Control for Firms that
Perform Audits and Reviews of Historical Financial Information, and Other
4
See http://press.ifac.org/news/2010/08/two-ifac-nominees-selected-as-members-of-ifrs-sme-implementationgroup
5 See http://www.iasb.org/IFRS+for+SMEs/IFRS+for+SMEs.htm
6 See http://web.ifac.org/publications/small-and-medium-practices-committee/implementation-guides#guide-tousing-internationa for the current edition
7 See http://web.ifac.org/publications/small-and-medium-practices-committee
8 See http://web.ifac.org/clarity-center/index
9 See http://press.ifac.org/news/2010/07/ifac-smp-committee-publishes-quality-control-implementation-guide
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Assurance and Related Services Engagements. The committee agreed to a
range of measures to assist in its promotion.
Practice Management Guide
The committee recently published the Guide to Practice Management for Use
by Small- and Medium-sized Practices (PM Guide)10 which provides guidance
on how SMPs can better manage their practices11. The committee discussed
ways of promoting the PM Guide and approved the issue of supplementary
guidance directed at helping member bodies make best use of the publication.
Information Sharing
The committee noted ongoing improvements to the International Center for
Small and Medium Practices (the Center)12. The Center’s set of ‘relevant
links’ to free resources of IFAC member bodies and other organizations now
includes categories dedicated to practice management, business advisory, and
implementation of international standards13.
CECCAR Congress
On September 3-4 the host member body Corpul Expertilor Contabili si
Contabililor Autorizati din Romania (CECCAR)/The Body of Expert and
Licensed Accountants of Romania held an international conference14. IFAC
President, Robert Bunting, was one of the keynote speakers. Sylvie Voghel,
chair of the SMP Committee, introduced an IFAC SME Regulation and
Policy Roundtable.
Next Meeting
The next meeting of the SMP Committee will be on March 23-24, 2011 in
Istanbul, Turkey. The SMP Committee will hold its IFAC SMP Forum on
March 21-22.
10
See http://press.ifac.org/news/2010/06/ifac-smp-committee-releases-practice-management-guide
See http://web.ifac.org/publications/small-and-medium-practices-committee/good-practice-guidance-1
12 See http://www.ifac.org/smp
13 See http://www.ifac.org/SMP/index.php#Resources
14 See http://congres.ceccar.ro/
11
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