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A Small and Medium Practices Perspective

This presentation by Sylvie Voghel at the IFAC-EBA Conference highlights the pivotal role of Small and Medium Enterprises (SMEs) and Small and Medium Practices (SMPs) in the European economy, accounting for 66% of private sector jobs. It addresses the challenges facing these entities, including demand slumps, access to finance, and increasing regulation. SMPs are uniquely positioned to support SMEs by providing business services and ensuring compliance. The SMP Committee emphasizes building capacity, supporting international standards, and offering practical resources to enhance SME performance and resilience.

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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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