The International Federation of Accountants is seeking proposals for the development of an explanatory guide on implementing its quality control standard.

The standard, “Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information and Other Assurance and Related Services Engagements,” specifically targets small and midsized practices.

The purpose of this guide is to help those practices understand and comply with the standards, which became effective on June 15, 2005, and is aimed at establishing standards and providing guidance for a firm's responsibilities over its system of quality control for audits and reviews of historical financial information, and other assurance and related services engagements.

The project specifications are available on IFAC's Small and Midsized Committee home page, at www.ifac.org/smp. The deadline for submission is Dec. 29.

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