Session 1: Setting the Scene:SME and SMP LandscapeWarren Allen, IFAC Deputy PresidentIFAC SMP ForumSingaporeMarch 19, 2012...
Singapore—Developing into a Global Hub                                         Page 2 | Confidential and Proprietary Infor...
Importance and Value of SMPs and SMEs                         A Public                      Interest Issue                ...
2011 Global Leadership SurveyHighest Priority Service Areas for IFAC70%     61%60%                 48%50%                 ...
0%                                                                                                   10%                  ...
0%                                                                                  10%                                   ...
IFAC’s Support for SMPs• SMP Committee• Standard Setting   – IESBA SME/SMP Implementation Group   – Input from the SMP Com...
Changing Global Landscape      Challenges            Opportunities                                Increase        Economic...
Changing Global Landscape      Challenges             Opportunities                             Join International      In...
www.ifac.org/SMP
Upcoming SlideShare
Loading in...5
×

Warren Allen - Setting the Scene: SME and SMP Landscape

1,342

Published on

Presentation from Warren Allen, IFAC Deputy President, to the Small and Medium Practices Forum, March 2012. The SMP Forum was co-hosted by IFAC and the Institute of Certified Accountants of Singapore.

Published in: Business, News & Politics
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
1,342
On Slideshare
0
From Embeds
0
Number of Embeds
2
Actions
Shares
0
Downloads
0
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Warren Allen - Setting the Scene: SME and SMP Landscape

  1. 1. Session 1: Setting the Scene:SME and SMP LandscapeWarren Allen, IFAC Deputy PresidentIFAC SMP ForumSingaporeMarch 19, 2012 Page 1 | Confidential and Proprietary Information
  2. 2. Singapore—Developing into a Global Hub Page 2 | Confidential and Proprietary Information
  3. 3. Importance and Value of SMPs and SMEs A Public Interest Issue Key to Recovery Choice & from Competition Financial Crisis Page 3 | Confidential and Proprietary Information
  4. 4. 2011 Global Leadership SurveyHighest Priority Service Areas for IFAC70% 61%60% 48%50% 39% 38%40% 28%30% 22% 19%20% 13% 12% 11% 10%10% 0% IESBA Integrated Reporting/IIRC SMP Committee Translations & PAIB Committee Public Policy and Compliance Advisory IPSASB PAO Development IAESB IAASB Permissions Regulation Committee Panel Page 4 | Confidential and Proprietary Information
  5. 5. 0% 10% 20% 30% 40% 50% 60% Reputation and credibility 53% of the profession Needs of SMPs and 52% SMEs The difficult global 52% financial climate Issues related to the European Union (EU) 44% draft legislation Public sector financial management and 38% 2011 Global Leadership Survey sovereign debt issues Increased regulation 34% Global regulatory 30% convergence Auditor independence 28% 40% 44% 48% 52% 56% Role of PAIB 28% Corporate governance 21% Integrated reporting and 20% sustainability 53% Profession Attracting new talent to Reputation and 18% the profession Credibility of the IT and innovation in 15% accounting and auditing Micro-entity financial 14% reporting The competency of 52% SMEs financial statement 13% preparers Anti-money Needs of SMPs and 13% laundering/anti-corruption Most Significant Issues Facing Profession in 2012 Changing role of PAOs 12% What it means to be a professional and belong 9% to a profession 52% International taxation 5% policy differences Financial ClimatePage 5 | Confidential and Proprietary Information The Difficult Global
  6. 6. 0% 10% 20% 30% 40% 50% 60% 70% Reputation and credibility 60% of the profession Needs of Small and 45% Medium Practitioners… Public sector financial 43% management and… The difficult global 37% financial climate Auditor independence 27% Global regulatory 24% convergence 2011 Global Leadership Survey Role of the professional 24% accountant in business Integrated reporting and 23% sustainability The competency of 23% financial statement… Attracting new talent to 23% the profession 0% 10% 20% 30% 50% 60% 70% 40% Corporate governance Changing role of 22% 19% professional… 60% Increased regulation Audit firm market 18% 17% structure and… Micro-entity financial reporting What it means to be a professional and… 45% Profession Anti-money laundering/anti-corruption Audit firm rotation Public Policy Areas IFAC Should Speak Out On Restriction of non-audit services 43% Information technology and innovation in… Needs of SMPs 13% 11% The Difficult Role of audit committees Joint audits 6% 37% International taxation 4% policy differencesPage 6 | Confidential and Proprietary Information Reputation and Credibility of the17% Financial SMEs 11% 10% 10%Global Financial Public Sector 15% and Management and Sovereign Debt Is
  7. 7. IFAC’s Support for SMPs• SMP Committee• Standard Setting – IESBA SME/SMP Implementation Group – Input from the SMP Committee• Public Policy and Regulation – PPP 2 Page 7 | Confidential and Proprietary Information
  8. 8. Changing Global Landscape Challenges Opportunities Increase Economic Marketing Efforts Uncertainty to Win New Clients Develop a Reduced Audit Business Requirements Advisory Practice Page 8 | Confidential and Proprietary Information
  9. 9. Changing Global Landscape Challenges Opportunities Join International Internationalization Network or of SMEs Association of Practices Increased Embrace Competition and Fee Technology, Including Pressure Cloud Computing Page 9 | Confidential and Proprietary Information
  10. 10. www.ifac.org/SMP

×