SMP Committee Strategic Initiatives

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Presentation given by SMP Committee Chair Giancarlo Attolini at the IFAC Board Meeting in September 2012 on the current and upcoming activities of the IFAC SMP Committee in each of its strategic focus areas: Input to Standard-Setting, Input to Public Policy and Regulation, Adoption and Implementation, and Development and Quality.

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SMP Committee Strategic Initiatives

  1. 1. SMP Committee – StrategicInitiativesGiancarlo Attolini, Chair, Small andMedium Practices CommitteeIFAC Board MeetingNew York, USASeptember 7, 2012 Page 1 | Confidential and Proprietary Information
  2. 2. Presentation Outline• Role and Objectives of the Committee• Risks and Opportunities• Strategic Initiatives• Questions and Answers Page 2 | Confidential and Proprietary Information
  3. 3. Role and Objective of the SMP Committee• Alignment with IFAC mission – Emphasis on input to standard-setting and adoption and implementation• IFAC Board review of the SMP related activities – Increased SMP representation in standard-setting – Facilitate sharing of tools and resources (SMP Committee) – Input into regulation (SMP Committee, PPRAG)• Strategy and work plan development – IFAC strategy – Environmental scan Page 3 | Confidential and Proprietary Information
  4. 4. Role and Objective of the SMP Committee• Strategy and work plan development (cont..) – MB and stakeholder consultation: IFAC Global Leadership Survey, SMP Forum, Quick Poll• Composition – 18 members (assurance providers and business advisors)• (Virtual) 7 Task Forces• Operating principles – Member body focus – Make collaboration work Page 4 | Confidential and Proprietary Information
  5. 5. Risks and Opportunities• Member body and stakeholder feedback – Standards and regulation need to be proportionate, stable and relevant – Competition from unqualified & non-accountants – Pressures facing SMEs impact the demand for services• Enhancing the profession’s relevance – Practitioners enjoy a reputation for competency, trust, and responsiveness (according to our study) – Growth of business advisory, assurance services other than audit, and accounting & compilations services Page 5 | Confidential and Proprietary Information
  6. 6. Strategic Initiatives – Input to Standard-Setting• Input to standard-setting – 2005 protocol with IAASB: input to draft standards (hopefully IESBA soon) – Comments on exposure drafts (IAASB, IESBA, etc) – Two members on the IESBA SME and SMP Working Group – Responding to IFRS for SMEs consultation, Auditor Reporting and Suspected Illegal Acts – YTD: over 20 draft pronouncements• Comment letter to IIRC – Discussion Paper, Towards Integrated Reporting Page 6 | Confidential and Proprietary Information
  7. 7. Strategic Initiatives – Input to Public Policy andRegulation (PPR)• SMP Committee chair on the PPRAG• PPR Task Force• SMP Committee staff review and input to IFAC PPR – EU Green Paper Proposals – PPP 5, International Standard-Setting in the Public Interest – PPP 2, Support for a Single Set of Auditing Standards• Comment letter on proposed IFAC Statements of Membership Obligations Page 7 | Confidential and Proprietary Information
  8. 8. Strategic Initiatives – Adoption and Implementation• Facilitate adoption and implementation of international standards – ISA Guide – Quality Control Guide – Requests by over 40 unique member bodies/audit authorities (use or translate)• Guide to Review Engagements – Help member bodies support their SMPs in implementing ISRE 2400 – Request for Proposal (RFP) issued August 16 – Committee to review outcome at October 2012 meeting Page 8 | Confidential and Proprietary Information
  9. 9. Strategic Initiatives – Development and Quality• Helping Member Bodies respond to SMEs demand for business advice – Move away from traditional services (e.g., accounting, audit) – Short “tips” and articles for member body use – Collaboration with PAIB Committee on emerging topics such as Sustainability and IR (joint e-News with PAIBC) Page 9 | Confidential and Proprietary Information
  10. 10. Strategic Initiatives – Development and Quality• Raising awareness about the role of practice management – Good practice management contributes to quality – Guide and tools to assist member bodies• IFAC member body SMP Community – LinkedIn group for member bodies only – Share information, news, ideas and resources/tools Page 10 | Confidential and Proprietary Information
  11. 11. SAVE THE DATE – ICPAU, PAFA, SMP Committee• What? Annual IFAC SMP Forum• When? June 5, 2013• Where? Kampala, Uganda• Who should attend? Representatives from IFAC member bodies (technical staff, SMP and SME affairs, etc), government agencies, donor organizations, standard setters, and others• For more information on this annual event, see www.ifac.org/2012SMPForum• For more information contact PaulThompson@ifac.org Page 11 | Confidential and Proprietary Information
  12. 12. Thank Youwww.ifac.org/smp Page 12 | Confidential and Proprietary Information

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