Standard Setting for SmallerEntities – a US PerspectiveBrian BluhmDeputy Chair, SMP CommitteeIFAC SMP ForumSingaporeMarch ...
US Standard Setting Environment• No audit thresholds for non-issuers/listed entities• Multiple standard-setting bodies• In...
SMP Challenges• Multiple Standard Setting Bodies   – Public Company Accounting Oversight Board – Listed Entities   – Ameri...
SMP Input to Standard Setting• AICPA   – Following the lead of the IAASB       • Adoption of ISA clarity format       • Di...
www.ifac.org
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Brian Bluhm - Standard Setting for Smaller Entities – a US Perspective

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Presentation by Mr. Brian Bluhm,
Deputy Chair, SMP Committee at IFAC SMP Forum, March 2012

Published in: Business, Technology
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Brian Bluhm - Standard Setting for Smaller Entities – a US Perspective

  1. 1. Standard Setting for SmallerEntities – a US PerspectiveBrian BluhmDeputy Chair, SMP CommitteeIFAC SMP ForumSingaporeMarch 19, 2012 Page 1 | Confidential and Proprietary Information
  2. 2. US Standard Setting Environment• No audit thresholds for non-issuers/listed entities• Multiple standard-setting bodies• Increasing amount of attention paid to SMPs/SMEs – Auditing standards – adoption of ISA Clarity format – Accounting standards – recommendation of Blue Ribbon Panel Page 2 | Confidential and Proprietary Information
  3. 3. SMP Challenges• Multiple Standard Setting Bodies – Public Company Accounting Oversight Board – Listed Entities – American Institute of Certified Public Accountants (AICPA) • Auditing Standards Board – Private company auditing/attestation standards • Accounting and Review Services Committee – Private company review and compilation standards – Government Accountability Office – Governmental entity auditing standards• Challenge for SMPs – Many SMPs serve two or more of these types of clients Page 3 | Confidential and Proprietary Information
  4. 4. SMP Input to Standard Setting• AICPA – Following the lead of the IAASB • Adoption of ISA clarity format • Discussion of methods to monitor implementation – Practitioner input – Technical Issues Committee – SMP Representation • Standard setting bodies • Project task forces Page 4 | Confidential and Proprietary Information
  5. 5. www.ifac.org

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