It is a great pleasure to participate in this Roundtable. As the co-owner of an SME the subject matter is of both personal and professional interest to me. Before I take you through the results of our April SMP Quick Poll I’d like to reiterate, though I’m sure we need no convincing, the importance of SMEs, the vital role the accountancy profession plays in supporting SMEs, and what the SMP Committee that I chair is doing to help.

This article, prepared by SMP Committee staff, summarizes key elements of the International Standard on Quality Control (ISQC) 1 and features five tips to help SMPs apply the standard in a cost-effective manner.

(New York/August 1, 2011) – The Small and Medium Practices (SMP) Committee of the International Federation of Accountants (IFAC) today released an updated version of its Guide to Quality Control for Small- and Medium-Sized Practices (QC Guide). Intended to help SMPs successfully and cost effectively implement International Standard on Quality Control (ISQC) 1, the third edition of the guide features enhancements to the two sample manuals as well as other refinements for clarity and consistency with ISQC 1.

First released in 2009 and developed with CGA-Canada, the guide contains the requirements set out in the standard in addition to implementation guidance, including discussion material and a case study that can be used as a basis for training. It also contains a range of tools, including checklists and two sample manuals, which have been modified to better illustrate their compatibility with ISQC 1.

“With their limited resources, SMPs may feel burdened by the requirements in ISQC 1. The guide is intended to help mitigate that burden and help SMPs obtain the most benefit from implementing the standard,” said SMP Committee Chair Sylvie Voghel. “Effective quality control systems are key to helping ensure SMPs provide their clients with high-quality assurance and related services, which contributes to the quality of the profession overall and our mission to serve the wider public interest.”

The updated QC Guide, as well as an article with tips for implementing ISQC 1, can be downloaded free of charge from the SMP Publications and Resources area of IFAC’s website. See the Translations Database for translations of the guides by member bodies and other organizations. In addition to the guide, the International Center for Small and Medium Practices provides access to numerous free resources from IFAC and our member bodies (see relevant links).

About the SMP Committee
The SMP Committee of the International Federation of Accountants represents the interests of professional accountants operating in small- and medium-sized practices and other professional accountants who provide services to small- and medium-sized entities. The committee develops guidance and tools, and works to ensure the needs of the SMP and small- and medium-sized entity (SME) sectors are considered by standard setters, regulators, and policy makers. The committee also speaks out on behalf of SMPs to raise awareness of their role and value, especially in supporting SMEs, and the importance of the small business sector overall.

About IFAC
IFAC is the global organization for the accountancy profession, dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. It is comprised of 164 members and associates in 125 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce.

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Good afternoon, ladies and gentlemen. I am truly delighted to be here today to participate in this important event. Many thanks to Mr. Ádám Balog, Deputy State Secretary, Ministry for National Economy, and Dr. János Lukács, President, MKVK, for hosting the meeting and inviting me to participate.

As we stand here today, the world is still affected by the financial crisis and the economic environment. Here in Hungary, the government is making strides to cut the budget deficit—and that is very positive. But of course there are countries within the EU and all over the world that are still being affected by the broader global slowdown.

So what can we—what should we—do?

Certainly, significant financial reforms are being considered in different parts of the world. IFAC’s view is that we need to build a sustainable business environment and a strong financial architecture.

Financial infrastructure—in the form of high quality, recognized standards in auditing and assurance, ethics, education, public sector accounting, and related regulation—is the only way that we can achieve broad-based, sustainable economic development.

The program below provides links to speaker biographies, speeches, and presentations from the 2011 IFAC Small and Medium Practices (SMP) Forum held in Istanbul, Turkey, on March 21, 2011. 

The following materials are also available:

• Interviews conducted by SMP Committee Deputy Chair Giancarlo Attolini
• Press release, IFAC Global Forum Highlights Role of SMPs in Partnering with Small Businesses
• Article, "IFAC SMP Forum Unites SMP Community, Facilitates Global Dialogue," on p. 10 of the April 2011 issue of IFAC News

Forum Program