IFAC
has published a Guide to Quality Control for Small- and
Medium-Sized Practices. This nonauthoritative implementation
guide is intended to help SMPs understand and efficiently apply
International Standard on Quality Control (ISQC) 1, Quality
Control for Firms that Perform Audits and Reviews of Financial
Statements, and Other Assurance and Related Services
Engagements, as redrafted under the IAASB’s clarity project.
The guide uses an integrated case study to illustrate how to implement the requirements of ISQC 1, and includes two sample firm policy manuals and key checklists and forms. It can be downloaded for free at www.ifac.org/Store.
IFAC
also released a study on national initiatives related to the
financial reporting supply chain. Based on a survey of its member
bodies, the new publication, Developments in the Financial
Reporting Supply Chain: Results from a Global Study among IFAC
Member Bodies, acknowledges that progress has been made, but
also reports that greater attention needs to be given to corporate
governance; financial reporting and, in particular, the adoption of
suitable reporting standards for small and medium-size enterprises;
financial auditing; and the usefulness of financial reports. The
free report is available at
tinyurl.com/cdgt66.
