ISA ADOPTION AND IMPLEMENTATION CHALLENGES AND TOOLS FOR THE REGION Giancarlo Attolini, Chair IFAC Small and Medium Practices Committee CReCER 2012 – Breakout.

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Presentation transcript:

ISA ADOPTION AND IMPLEMENTATION CHALLENGES AND TOOLS FOR THE REGION Giancarlo Attolini, Chair IFAC Small and Medium Practices Committee CReCER 2012 – Breakout Session 2B Managua, Nicaragua October 29, 2012

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 (December 2012) – Alignment with IFAC strategy Key activities: – Input to Standard Setting and Guidance – Adoption and Implementation – Development and Quality – Speaking Out

Adoption and Implementation – Challenges SMPs typically lack in-house the technical resources available at larger firms, so face challenges in efficiently and cost effectively implementing international standards to meet the assurance needs of their clients

Adoption and Implementation – Solutions We aim to facilitate the adoption and effective implementation of high-quality international standards 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.)

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

References - IFAC  Guide to Using International Standards on Auditing in the Audits of Small- and Medium-Sized Entities (inc. companion manual and slides): auditing-audits-small-and-medium-sized-en auditing-audits-small-and-medium-sized-en  Guide to Quality Control for Small- and Medium-Sized Practices (inc. companion manual and slides): small-and-medium-sized-practices-third-edition-0www.ifac.org/publications-resources/guide-quality-control- small-and-medium-sized-practices-third-edition-0  Tips for Cost-Effective ISA Application article: resources/tips-cost-effective-isa-applicationhttps:// resources/tips-cost-effective-isa-application  Tips for Cost-Effective ISQC 1 Application article:  ISRS 4410: The Standard for Today's Compilation Engagements article: compilation-engagements compilation-engagements

References – IFAC  IFAC SMP Committee twitter:  IFAC SMP eNews:  IFAC SMP Committee website:  IFAC SMP Quick Poll: smp-quick-poll-may-june-2012http:// smp-quick-poll-may-june-2012  Resources and tools (all): medium-practices-committee/smp-resources-and-toolshttp:// medium-practices-committee/smp-resources-and-tools  Links to other implementation resources: implementationwww.ifac.org/relevant-links- implementation  IFAC Translations and Permissions: ifac/translations-permissionshttp:// ifac/translations-permissions