On June 24 and 25, 2019, the International Federation of Accountants Small and Medium Practices Committee (IFAC SMPC) meeting was held in New York in order to discuss its procedures. This meeting was attended by Ms. Alexandra Peñuela Cuesto, Technical Director of the INCP (Spanish initials for the National Institute of Public Accountants) representing Colombia; during the first day of the meeting, several topics were discussed. In the first part of the meeting, an introduction and a presentation of the minutes from last meeting was made by SMP Committee Chair Monica Foerster, a Monitoring Group update was presented by Sylvia Tsen, and a 2019 SMP-SME Work Plan progress update was presented by Christopher Arnold. In the second part of the meeting, an update on the IAASB’s Current Activities and Future Work Plan was presented by Fiona Campbell, member of the International Auditing and Assurance Standards Board (IAASB).
In the third part of the meeting, the topic on “Audit of Less Complex Entities – Exploring the Options to Address the Challenges” was discussed by Isabelle Tracq-Sengeissen, member of the IAASB, and Christopher Arnold. In the fourth part of the meeting, an update on the IESBA’s Current Activities and Future Work Plan was presented by Diane Jules, Deputy Director of the International Ethics Standards Board for Accountants (IESBA) chaired by Andrew Mintzer and Patricia Mulvaney, members of the IESBA. In the fifth part of the meeting, which was the last one of the first day, a compilation of Global Ethical Initiatives by PAOs and the profession was presented by Robyn Erskine, on behalf of the Professional Accountancy Organizations (PAOs).
In the sixth part of the meeting, which was the first one of the second day, the future of the SMPs was analyzed by presenting the Edinburgh Group’s SMP of the Future Initiative; furthermore, the topic on SMP Initiatives was discussed by the CNDCEC (Italian initials for National Board of Fiscal Advisors and Accounting Experts); “Talent Initiatives – Student Recruitment & Other SMP Staffing Tools” was the topic discussed by the American Institute of Certified Public Accountants (AICPA); and the “SMPs’ Competition Strategy” was the topic presented by Romania’s Accounting & Payroll Expert Team (Apex Team). In the seventh part of the meeting, Task Force Activities, such as Practice Transformation and Formal Input to the IAASB – Quality Management (QM) Standards, were presented. In the eighth and last part of the meeting, strategies were presented for Enhancing Impact and Reach by means of Members’ Sharing & Awareness Raising Initiatives.
Topics included in the agenda are listed below:
- Audits of Less Complex Entities Exploring the options
- Ethics & The Profession
- The SMP of the Future
- Edinburgh Group’s SMP of the Future Initiative
- CNDCEC’s SMP Initiatives
- AICPA’s Talent Initiatives – Student Recruitment & Other SMP Staffing Tools
- SMPs’ Competition Strategy – Apex Team, Romania
- Task Force Activities
- Practice Transformation
- Formal Input to the IAASB – Quality Management (QM) Standards
Please see further information on the SMP Committee