1. 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

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. 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

4. 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.)

5. ISA and QC Guides

6. – 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. References - IFAC  Guide to Using International Standards on Auditing in the Audits of Small- and Medium-Sized Entities (inc. companion manual and slides): https://www.ifac.org/publications-resources/guide-using-international-standards- auditing-audits-small-and-medium-sized-en https://www.ifac.org/publications-resources/guide-using-international-standards- auditing-audits-small-and-medium-sized-en  Guide to Quality Control for Small- and Medium-Sized Practices (inc. companion manual and slides): www.ifac.org/publications-resources/guide-quality-control- 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: https://www.ifac.org/publications- resources/tips-cost-effective-isa-applicationhttps://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 http://www.ifac.org/publications-resources/tips-cost-effective-isqc-1-application  ISRS 4410: The Standard for Today's Compilation Engagements article: https://www.ifac.org/news-events/2012-07/isrs-4410-standard-todays- compilation-engagements https://www.ifac.org/news-events/2012-07/isrs-4410-standard-todays- compilation-engagements

8. References – IFAC  IFAC SMP Committee twitter: https://www.twitter.com/IFAC_SMPhttps://www.twitter.com/IFAC_SMP  IFAC SMP eNews: https://www.ifac.org/login?registerhttps://www.ifac.org/login?register  IFAC SMP Committee website: http://www.ifac.org/smphttp://www.ifac.org/smp  IFAC SMP Quick Poll: http://www.ifac.org/publications-resources/ifac- smp-quick-poll-may-june-2012http://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-toolshttp://www.ifac.org/about-ifac/small-and- medium-practices-committee/smp-resources-and-tools  Links to other implementation resources: www.ifac.org/relevant-links- implementationwww.ifac.org/relevant-links- implementation  IFAC Translations and Permissions: http://www.ifac.org/about- ifac/translations-permissionshttp://www.ifac.org/about- ifac/translations-permissions