The International Federation of Accountants’ Small and Medium Practices Committee has updated its Guide to Quality Control for Small- and Medium-Sized Practices.
The guide aims to help small and midsized accounting practices implement IFAC’s International Standard on Quality Control 1. The third edition of the guide includes enhancements to the two sample manuals, along with other refinements for clarity and consistency with ISQC 1.
The guide was originally released in 2009 in conjunction with CGA-Canada. It outlines the requirements of the ISQC 1 standard and provides implementation guidance, including discussion materials and a case study that can be used as a basis for training. The guide also contains checklists and two sample manuals that 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,” said SMP Committee Chair Sylvie Voghel in a statement. “The guide is intended to help mitigate that burden and help SMPs obtain the most benefit from implementing the standard. 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 for free from the SMP Publications and Resources area of IFAC’s Web site. 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 other free resources from IFAC and its member bodies, which include the American Institute of CPAs through these links.
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