Small and midsize accounting practices indicated that fewer of their small business clients are burdened by economic uncertainty, perhaps suggesting a more favorable economic climate and signaling future growth in this sector, according to a new quick poll by the International Federation of Accountants’ SMP Committee, which represents small and midsize practices.
Survey respondents were generally supportive when asked for input on the International Auditing and Assurance Standards Board’s 2013 Auditor Reporting Exposure Draft, which proposed significant changes to auditor reporting. Only a small minority of the respondents believed unlisted entities would voluntarily opt to disclose key audit matters, but most agreed with the proposal to require a statement on going concern in all audit reports.
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