The International Federations of Accountants (IFAC) has updated its guide providing practical support for small and medium-sized practices when implementing the international standards on auditing (ISAs) for SMEs
The fourth edition has been revised to reflect recent changes to the ISAs including International Auditing and Assurance Standards Board (IAASB) projects on auditor reporting; disclosures; the auditor’s responsibilities relating to other information; and using the work of internal auditors.
IFAC says the guide is designed for use by all practitioners. Volume 1 covers the fundamental concepts of a risk-based audit in conformance with the ISAs. Volume 2 contains practical guidance on performing SME audits, including two illustrative case studies—one of an SME audit and one of a micro-entity audit.
Since it was first published in 2007, the guide has been downloaded over 100,000 times and there are 22 translations completed or in progress.
Many firms use the guide for training purposes and as the basis for firm manuals. In response to this, IFAC has also updated its companion manual which provides practical ‘best use’ suggestions for the guide.
Guide to Using International Standards on Auditing in the Audits of Small- and Medium-Sized Entities is here.
Report by Pat Sweet
