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August 3, 2011

IFAC updates ISQC 1 guide for SMPs

The Small and Medium Practices (SMP) Committee of the International Federation of Accountants (IFAC) has released an updated version of its Guide to Quality Control for SMP.

The third edition of the guide is designed to help SMPs implement the International Standard on Quality Control (ISQC) 1.

The guide was developed with CGA-Canada and contains the requirements set out in the standard, an implementation guide, a case study that can be used for basic training, checklists and two improved sample manuals.

“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,” SMP committee chair Sylvie Voghel said.

The guide can be downloaded free of charge from the SMP Publications and Resources area of IFAC’s website.

Relevant links

International Federation of Accountants

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