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Small and Medium Practices Committee

Small and Medium Practices Committee. Paul Thompson Senior Technical Manager, SMP Committee. IAASB Meeting. New York, USA. March 18, 2010. Importance of SMEs and SMPs. General. SMEs account for majority of private sector employment and GDP

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Small and Medium Practices Committee

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  1. Small and Medium Practices Committee Paul Thompson Senior Technical Manager, SMP Committee IAASB Meeting New York, USA March 18, 2010

  2. Importance of SMEs and SMPs General • SMEs account for majority of private sector employment and GDP • Essential for job creation, social cohesion, innovation and growth • IFAC Global Leadership Survey 2009 • Addressing needs of SMPs and SMEs 2nd most important issue • Avoid over-burdensome regulation of SMEs • Health of SME sector is public interest priority

  3. Importance of SMEs and SMPs SMPs • Confronted with unprecedented challenges (operational, regulatory, market) • Can help SMEs perform & conform • Business support services (SME finance)

  4. General General • Started out around 5 years ago • 18 members • Formal procedures, project teams etc. • Annual SMP Forum

  5. Strategy Strategy • Helping member bodies to help their SMPs • Building capacity of SMPs to support SMEs • Help to shape form and content of international standards • Provide practical support • Help to efficiently implement standards • Help to manage better • Help to remain relevant

  6. SMP Review SMP Review • How IFAC can best support SMPs (& SMEs) • Recommendations • Strategic • Representation • Policy-making and regulation • Voice, visibility and communications • Practical Support • Post-implementation review

  7. Standard Setting IAASB • IFAC’s Support for a Single Set of Auditing Standards • Clarified ISAs • Key projects • Implementation support & NSS guidance • ISA implementation monitoring • ISAE 3000 • Revision of review & compilation standards

  8. Standard Setting IAASB • Strategic review • Timely input (consultation plan, survey & consultation paper) • SME/SMP input to process (non-response bias)

  9. Standard Setting Other • IESBA • New Code of Ethics • SMP/SME implementation challenges • Input to strategy review • IASB • IFRS for SMEs • IASC Foundation training materials • SME Implementation Group

  10. Practical Support Guidance • High quality and free to download guides • Guide to Using ISAs in the Audits of SMEs • Guide to Quality Control for SMPs • Guide to Practice Management for SMPs • The Role of SMPs in Providing Business Support Services to SMEs

  11. Practical Support International Center for SMPs • See www.ifac.org/smp • Publications • IFACnet portal • SMP eNews • Links to other resources (IFAC and other) • Discussion board • Annual SMP Forums

  12. Conclusion Conclusion • High degree of staff and volunteer interaction • Even more scope for us to work together • Mutual interest in promoting convergence and high quality practices

  13. International Federationof Accountants QUESTIONS www.ifac.org

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