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A Small and Medium Practices Perspective

A Small and Medium Practices Perspective. Sylvie Voghel, Chair, SMP Committee. IFAC-EBA Conference. Tallinn, Estonia. September 9, 2009. Importance of SMEs and SMPs. General. In EU firms with less than 250 employees account for 66% of all private sector jobs

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A Small and Medium Practices Perspective

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  1. A Small and Medium Practices Perspective Sylvie Voghel, Chair, SMP Committee IFAC-EBA Conference Tallinn, Estonia September 9, 2009

  2. Importance of SMEs and SMPs General • In EU firms with less than 250 employees account for 66% of all private sector jobs • Essential for job creation, social cohesion, innovation and growth • IFAC Global Leadership Survey 2008: “The most important issue facing the profession in 2009 is addressing the needs of SMEs and SMPs”

  3. Importance of SMEs and SMPs Challenging Times • Slump in demand • Access to finance • Managing costs • Competition • Tighter and more complex regulation

  4. Importance of SMEs and SMPs Role of SMPs • Uniquely placed to help SMEs • Allies of SMEs, sharing same challenges • Help SMEs perform better and comply with regulation • Business support services • Special role in SME financing

  5. SMP Committee’s Support for SMEs and SMPs General • Building the capacity of SMPs to support SMEs • Helping member bodies to help their SMPs • Help to shape form and content of international standards • Provide practical support • Build capacity to implement standards • Help to manage proficiently • Help to remain relevant

  6. SMP Committee’s Support for SMEs and SMPs Standard Setting - IAASB • IFAC Policy Position on Single Set of Auditing Standards • Clarified ISAs • Communication and implementation support initiatives

  7. SMP Committee’s Support for SMEs and SMPs Standard Setting – IAASB and Other • Clarity ISA implementation monitoring • Impact analysis • Revision of review and compilation engagement standards • Revised & redrafted IFAC Code of Ethics for Professional Accountants • IFRS for Small and Medium-sized Entities

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

  9. Practical Support International Center for SMPs • See http://www.ifac.org/SMP/ • Publications • IFACnet portal • SMP eNews • Relevant links • Global Crisis Resource Center • Discussion board

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