International Federation of Accountants Small and Medium Practices Committee Paul Thompson Senior Technical Manager, SMP Committee IAASB Meeting New York,

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International Federation of Accountants Small and Medium Practices Committee Paul Thompson Senior Technical Manager, SMP Committee IAASB Meeting New York, USA March 18, 2010

Importance of SMEs and SMPs SMEs account for majority of private sector employment and GDPSMEs account for majority of private sector employment and GDP Essential for job creation, social cohesion, innovation and growthEssential for job creation, social cohesion, innovation and growth IFAC Global Leadership Survey 2009IFAC Global Leadership Survey 2009 –Addressing needs of SMPs and SMEs 2 nd most important issue –Avoid over-burdensome regulation of SMEs Health of SME sector is public interest priorityHealth of SME sector is public interest priority General

Importance of SMEs and SMPs Confronted with unprecedented challenges (operational, regulatory, market)Confronted with unprecedented challenges (operational, regulatory, market) Can help SMEs perform & conformCan help SMEs perform & conform Business support services (SME finance)Business support services (SME finance) SMPs

General Started out around 5 years agoStarted out around 5 years ago 18 members18 members Formal procedures, project teams etc.Formal procedures, project teams etc. Annual SMP ForumAnnual SMP Forum General

Strategy Helping member bodies to help their SMPsHelping member bodies to help their SMPs Building capacity of SMPs to support SMEsBuilding capacity of SMPs to support SMEs Help to shape form and content of international standardsHelp to shape form and content of international standards Provide practical supportProvide practical support –Help to efficiently implement standards –Help to manage better –Help to remain relevant Strategy

SMP Review How IFAC can best support SMPs (& SMEs)How IFAC can best support SMPs (& SMEs) RecommendationsRecommendations –Strategic –Representation –Policy-making and regulation –Voice, visibility and communications –Practical Support –Post-implementation review SMP Review

Standard Setting IFAC’s Support for a Single Set of Auditing StandardsIFAC’s Support for a Single Set of Auditing Standards Clarified ISAsClarified ISAs Key projectsKey projects –Implementation support & NSS guidance –ISA implementation monitoring –ISAE 3000 –Revision of review & compilation standards IAASB

Standard Setting Strategic reviewStrategic review –Timely input (consultation plan, survey & consultation paper) –SME/SMP input to process (non-response bias) IAASB

Standard Setting IESBAIESBA –New Code of Ethics –SMP/SME implementation challenges –Input to strategy review IASBIASB –IFRS for SMEs –IASC Foundation training materials –SME Implementation Group Other

Practical Support High quality and free to download guidesHigh quality and free to download guides –Guide to Using ISAs in the Audits of SMEs –Guide to Quality Control for SMPs –Guide to Practice Management for SMPs –The Role of SMPs in Providing Business Support Services to SMEs Guidance

Practical Support See PublicationsPublications IFACnet portalIFACnet portal SMP eNewsSMP eNews Links to other resources (IFAC and other)Links to other resources (IFAC and other) Discussion boardDiscussion board Annual SMP ForumsAnnual SMP Forums International Center for SMPs

Conclusion High degree of staff and volunteer interactionHigh degree of staff and volunteer interaction Even more scope for us to work togetherEven more scope for us to work together Mutual interest in promoting convergence and high quality practicesMutual interest in promoting convergence and high quality practices Conclusion

QUESTIONS International Federation of Accountants