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CReCER 2013: Global Insights from IFAC SMP Committee
CReCER 2013: Global Insights from IFAC SMP Committee
CReCER 2013: Global Insights from IFAC SMP Committee
CReCER 2013: Global Insights from IFAC SMP Committee
CReCER 2013: Global Insights from IFAC SMP Committee
CReCER 2013: Global Insights from IFAC SMP Committee
CReCER 2013: Global Insights from IFAC SMP Committee
CReCER 2013: Global Insights from IFAC SMP Committee
CReCER 2013: Global Insights from IFAC SMP Committee
CReCER 2013: Global Insights from IFAC SMP Committee
CReCER 2013: Global Insights from IFAC SMP Committee
CReCER 2013: Global Insights from IFAC SMP Committee
CReCER 2013: Global Insights from IFAC SMP Committee
CReCER 2013: Global Insights from IFAC SMP Committee
CReCER 2013: Global Insights from IFAC SMP Committee
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CReCER 2013: Global Insights from IFAC SMP Committee

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IFAC SMP Committee Chair Giancarlo Attolini speaks at CReCER 2013 in Cartagena, Colombia.

IFAC SMP Committee Chair Giancarlo Attolini speaks at CReCER 2013 in Cartagena, Colombia.

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  • …and Volume 2….
  • Transcript

    • 1. Page 1 | Confidential and Proprietary Information Global Insights from IFAC SMP Committee Giancarlo Attolini, Chair, IFAC SMP Committee Chair CReCER 2013 Cartegena, Colombia
    • 2. Page 2 | Confidential and Proprietary Information Agenda • Importance of SMEs and SMPs • IFAC SMP Quick Poll • Role of IFAC SMP Committee • Implementation Guides • References
    • 3. Page 3 | Confidential and Proprietary Information Importance of SMEs and SMPs • SMEs typically account for majority of private sector GDP, employment and growth • SMEs typically look to practitioners, especially SMPs, for range of professional services (assurance to advice) • SMPs and SMEs often constrained by lack of in-house resources and expertise to efficiently implement standards
    • 4. Page 4 | Confidential and Proprietary Information IFAC SMP Quick Poll – About • Identify key challenges and issues for SMPs (& SME clients) • Runs in 17 languages (including Spanish and Portuguese) • Almost 4,000 respondents to May-June 2013 poll (4% from Central and South America/Caribbean) • Report, with regional analysis, to follow in 7-10 days at www.ifac.org/smp • Preview of key findings….
    • 5. Page 5 | Confidential and Proprietary Information IFAC SMP Quick Poll – Key Findings I • What is the biggest challenge faced by your small- and medium-sized entity (SME) clients? 23% 17% 16% 13% 11% 8% 7% 5% Burden of regulation Economic uncertainty Pressure to lower prices of their products and services Difficulties accessing finance Rising costs Lack of demand for their products and services Competition Attracting and retaining staff
    • 6. Page 6 | Confidential and Proprietary Information IFAC SMP Quick Poll – Key Findings II • What is the biggest challenge your practice is facing right now? 25% 23% 20% 7% 6% 6% 5% 4% 2% 2% Keeping up with new regulations and standards Pressure to lower fees Attracting and retaining clients Work-life balance Attracting and retaining staff Competition Rising costs Ability to adapt to changing client needs Keeping up with new technology Succession planning
    • 7. Page 7 | Confidential and Proprietary Information IFAC SMP Quick Poll – Key Findings III • Other findings (previous editions of poll) – Complexity of regulation and tax rules in particular presented the greatest challenges for SMEs – Pace of change of new regulation/standards and tax rules in particular presented the greatest challenges for SMPs – Of those using the IESBA Code of Ethics, most cited barrier to fully adhering to it was understanding requirements
    • 8. Page 8 | Confidential and Proprietary Information Role of IFAC SMP Committee – Mission • Standards and Guidance: Contributing to the development of international standards and guidance that are stable, relevant, and can be applied in a manner proportionate to the size of an entity or practice • Adoption and Implementation: Facilitating the adoption and implementation of high-quality international standards and guidance by SMPs and SMEs • Development and Quality: Building competence and relevance of SMPs through IFAC member bodies and other professional accountancy organizations and promoting the value of SMPs • Speaking Out: On public interest issues of relevance to SMPs & SMEs
    • 9. Page 9 | Confidential and Proprietary Information Role of IFAC SMP Committee – Key Activities • Building and sharing knowledge, including access to resources and tools, amongst member bodies and SMPs – Implementing standards (ISAs, IFRS for SMEs, ISQC 1, IESBA Code etc.) – Insight articles (e.g., efficiently auditing SMEs, review engagements) – Guides on how to efficiently implement ISAs and ISQC 1 (guidance, case studies, checklists etc.) – New guide to implementing ISRE 2400 on review engagements (Q4 2013) – Suite of links to free resources from member bodies (e.g., AICPA) – IFAC Global Knowledge Gateway (from 2014)
    • 10. Page 10 | Confidential and Proprietary Information Implementation Guides – ISA Guide Volume 1 Fundamental concepts of a risk-based audit in conformance with the ISAs
    • 11. Page 11 | Confidential and Proprietary Information Practical guidance on performing SME audits. Includes two illustrative case studies—one of an SME audit and one of a micro-entity audit Implementation Guides – ISA Guide Volume 2
    • 12. Page 12 | Confidential and Proprietary Information Implementation Guides – QC Guide Helps SMPs apply ISQC 1 proportionately and efficiently. Includes guidance, case study sample QC manuals and checklists
    • 13. Page 13 | Confidential and Proprietary Information References – General  IFAC SMP Committee website: http://www.ifac.org/smp  IFAC SMP Twitter: https://www.twitter.com/IFAC_SMP (please follow us)  IFAC SMP eNews: https://www.ifac.org/login?register (please subscribe)  IFAC SMP Community: http://www.linkedin.com/groups?home=&gid=4542841&trk=anet_ug_hm (please join us)  IFACnet: http://ifacnet.com/  IFAC SMP Forum: http://www.ifac.org/news-events/2013-06/2013-ifac-small-and-medium- practices-forum  Resources and tools (all): http://www.ifac.org/about-ifac/small-and-medium-practices- committee/smp-resources-and-tools  IFAC Translations Database: http://www.ifac.org/about-ifac/translations- permissions/translations-database (scroll down for Spanish and Portuguese)
    • 14. Page 14 | Confidential and Proprietary Information References – Adoption and Implementation  Guide to Using International Standards on Auditing in the Audits of Small- and Medium- Sized Entities (Third Edition) (incl. companion manual and slides): https://www.ifac.org/publications-resources/guide-using-international-standards-auditing- audits-small-and-medium-sized-en (see Translations Database for Spanish)  Guide to Quality Control for Small- and Medium-Sized Practices (Third Edition) (incl. companion manual and slides): www.ifac.org/publications-resources/guide-quality-control- small-and-medium-sized-practices-third-edition-0 (see Translations Database for Spanish)  ISRS 4410: The Standard for Today's Compilation Engagements article: https://www.ifac.org/news-events/2012-07/isrs-4410-standard-todays-compilation- engagements • The Standard for Limited Assurance Review Engagements article: http://www.ifac.org/news-events/2012-12/standard-limited-assurance-review-engagements • Links to other implementation resources: https://www.ifac.org/aggregator/sources/7
    • 15. Page 15 | Confidential and Proprietary Information

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