ISA ADOPTION AND IMPLEMENTATIONCHALLENGES AND TOOLS FOR THEREGIONGiancarlo Attolini, ChairIFAC Small and Medium Practices ...
• SMP Committee Vision:   – “The SMP Committee is a valued contributor to helping IFAC     member bodies develop their sma...
Adoption and Implementation – Challenges•SMPs typically lack in-house the technicalresources available at larger firms, so...
Adoption and Implementation – Solutions•We aim to facilitate the adoption and effectiveimplementation of high-quality inte...
ISA and QC Guides
• ISA and QC Guides  –   IFAC SMP Committee Publications  –   Free to download  –   Non-authoritative guidance  –   ISA Gu...
References - IFACGuide to Using International Standards on Auditing in the Audits of Small- andMedium-Sized Entities (inc...
References – IFACIFAC SMP Committee twitter: https://www.twitter.com/IFAC_SMPIFAC SMP eNews: https://www.ifac.org/login?...
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Session 2B International Audit and Assurance Standards (ISA) Adoption and Implementation Challenges and Tools for the Region - Giancarlo Attolini

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Session 2B International Audit and Assurance Standards (ISA) Adoption and Implementation Challenges and Tools for the Region - Giancarlo Attolini

  1. 1. ISA ADOPTION AND IMPLEMENTATIONCHALLENGES AND TOOLS FOR THEREGIONGiancarlo Attolini, ChairIFAC Small and Medium Practices CommitteeCReCER 2012 – Breakout Session 2BManagua, NicaraguaOctober 29, 2012
  2. 2. • SMP Committee Vision: – “The SMP Committee is a valued contributor to helping IFAC member bodies develop their small- and medium-sized practices.”• Strategy and work plan development: – Strategy and Work Plan for 2013-2016 (December 2012) – Alignment with IFAC strategy• Key activities: – Input to Standard Setting and Guidance – Adoption and Implementation – Development and Quality – Speaking Out
  3. 3. Adoption and Implementation – Challenges•SMPs typically lack in-house the technicalresources available at larger firms, so facechallenges in efficiently and cost effectivelyimplementing international standards to meetthe assurance needs of their clients
  4. 4. Adoption and Implementation – Solutions•We aim to facilitate the adoption and effectiveimplementation of high-quality internationalstandards and guidance by SMPs and SMEs•Tools and products: – ISA Guide – QC Guide – Implementation support for Review Engagements (ISRE 2400) – in progress – Other free resources and tools (articles, links etc.)
  5. 5. ISA and QC Guides
  6. 6. • ISA and QC Guides – IFAC SMP Committee Publications – Free to download – Non-authoritative guidance – ISA Guide 3rd Edition released November 10, 2011 – QC Guide 3rd Edition released August 1, 2011 – Amongst most downloaded of all IFAC publications – Many translations, including Spanish and Portuguese
  7. 7. References - IFACGuide to Using International Standards on Auditing in the Audits of Small- andMedium-Sized Entities (inc. companion manual and slides):https://www.ifac.org/publications-resources/guide-using-international-standards-auditing-audiGuide to Quality Control for Small- and Medium-Sized Practices (inc. companionmanual and slides):www.ifac.org/publications-resources/guide-quality-control-small-and-medium-sized-practices-Tips for Cost-Effective ISA Application article:https://www.ifac.org/publications-resources/tips-cost-effective-isa-applicationTips for Cost-Effective ISQC 1 Application article:http://www.ifac.org/publications-resources/tips-cost-effective-isqc-1-applicationISRS 4410: The Standard for Todays Compilation Engagements article:https://www.ifac.org/news-events/2012-07/isrs-4410-standard-todays-compilation-engageme
  8. 8. References – IFACIFAC SMP Committee twitter: https://www.twitter.com/IFAC_SMPIFAC SMP eNews: https://www.ifac.org/login?registerIFAC SMP Committee website: http://www.ifac.org/smpIFAC SMP Quick Poll: http://www.ifac.org/publications-resources/ifac-smp-quick-poll-may-june-2012Resources and tools (all): http://www.ifac.org/about-ifac/small-and-medium-practices-committee/smp-resources-and-toolsLinks to other implementation resources: www.ifac.org/relevant-links-implementationIFAC Translations and Permissions: http://www.ifac.org/about-ifac/translations-permissions

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