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PricewaterhouseCoopers - Mexico Audit Services to Small and Medium-Size Clients, Barriers Faced and Overcome Carlos M

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PricewaterhouseCoopers - Mexico Audit Services to Small and Medium-Size Clients, Barriers Faced and Overcome Carlos M

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    1. PricewaterhouseCoopers - Mexico Audit Services to Small and Medium-Size Clients, Barriers Faced and Overcome Carlos Méndez

    2. Página 2 Index Contents Background PwC Clients Segmentation – Audit Approach PwC Focus Strategy PwC Clients Segmentation - Approach Tools IAASB IAPS 1005 - Particular Considerations in the Audit of Small Businesses

    3. Página 3 I. Background

    4. Página 4 I. Background - Continued Characteristics and Barriers: a) Internally- Companies managed and supervised by its owners. Limited personnel with no segregations of duties. No formal procedures. There are controls without a high grade of development. Poor technology information systems development. Unqualified and untrained employees. Few sources of income.

    5. Página 5 I. Background - Continued b) Externally- Lack of financial resources. Lack of tax incentives. Informal economy, disloyal competition. Lack of reinvestment by the owners. Companies focus in market without awareness of back office support. Complexity in tax compliance requirements.

    6. Página 6 I. Background - Continued PwC challenge is to maintain our independence for our clients while we advise them in the early stages of their growth. SMEs management relies heavily in our external advice. We advice the clients not only in audit matters but also in the following areas,: Companies´ incorporation Tax compliance Bookkeeping Corporate governance Payroll

    7. Página 7 I. Background - Continued The financial information is used in most cases only for the need to comply with tax requirements and it is not in the priority of company's management.

    8. Página 8

    9. Página 9

    10. Página 10 Hasta aquí es claro? Bueno pues, para poder definir que base de datos van a ocupar: 404, General o Middle Market, tenemos que enfocarnos al grado de riesgos_ Hasta aquí es claro? Bueno pues, para poder definir que base de datos van a ocupar: 404, General o Middle Market, tenemos que enfocarnos al grado de riesgos_

    11. Página 11

    12. Página 12

    13. Página 13 III. PwC Focus Strategy Factors to consider a Middle Market Company: Non High Network Risk Entities Non Public Interest Entities Non Complex Non Financial Sector Small audit teams

    14. Página 14 III. PwC Focus Strategy - Continued Strategies: Acceptance risk analysis Specialized group of professionals dedicated to attend this market, with advisory vision Same methodology worldwide adapted to the characteristics of these clients Access to different industries knowledge applied to this segment Establishment of strict training programs Development of specific audit tools for middle market and very small entities

    15. Página 15

    16. Página 16 V. IAASB IAPS 1005 - Particular Considerations in the Audit of Small Businesses International Auditing Practice Statements (IAPS 1005): “The special considerations in the audits of small entities” The purpose of IAPS 1005 is to describe the characteristics commonly found in small entities and indicate how they may affect the application of International Standards of Audit (ISA). Is a guidance on the application of ISAs to the audit of small entities. Does not establish any new requirement for the audit of small entities; nor does it establish any new exemptions. All audits of small entities are to be conducted in accordance with ISAs.

    17. Página 17 V. IAASB IAPS 1005 - Particular Considerations in the Audit of Small Businesses - Continued In Mexico the Commission for Supporting the Independent Professional Practice of the Mexican Institute of Public Accountants issued on December 2005 the Audit Guidance for Small and Medium-Size Businesses, with similar purposes. PricewaterhouseCoopers Methodology follows the ISAs.

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