Updated ISA Guide for Small and Medium Accounting Players
An updated International Standards on Auditing (ISA) guide has been published for use by small and medium accounting players. The guide has been brought out by the Small and Medium Practices (SMP) Committee of the International Federation of Accountants (IFAC).
The 2nd edition of the Guide to Using International Standards on Auditing in the Audits of Small- and Medium-Sized Entities has been designed to help accountants employed in small and medium sized accounting firms understand and efficiently apply their clarified ISA’s.
SMP committee Chairperson, Sylvie Voghel said in a statement that the SMP committee has for long understood the challenges that are faced by SMP’s in the application of new standards. She said that challenges may be as varied as resource constraints to some distinctive traits that are common among small and medium-sized entities.
Voghel said that the updated ISA will provide small and medium-sized accounting firms with a unique resource and help them implement the new standards effectively and thereby provide world-class service to their clients.
In December 2007, IFAC published its first edition of the ISA Guide and it was its most popular publication in 2008. The 2nd edition is an improvement on the first as it is based on the feedback from users and contains two integrated case studies, one of which focuses on SME audits and the other on an audit of a micro-entity.
This 2nd edition has information on the practical audit of SME’s. It is aimed at auditing practitioners who have a good knowledge of ISA’s and want a reference tool for practical purposes, as well as specific guidance on how to conduct SME audits in a cost effective manner.
The IFAC website has made available the PDF version for free download.