KEY CHALLENGES FACING SMPS GLOBALLY

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The biggest challenges facing small- and medium-sized accounting practices (SMPs) worldwide are complying with regulations and standards and attracting new clients, according to the 2014 IFAC® Global SMP Survey. Conducted annually, the Global SMP Survey provides unique insights into the challenges and opportunities facing SMPs around the world. “IFAC is committed to building the capacity…

CHANGES FOR REPORTING ON SPECIAL PURPOSE FINANCIAL STATEMENTS

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The International Auditing and Assurance Standards Board® (IAASB®) today released proposals to enhance auditor reporting on special purpose financial statements. The Exposure Draft includes changes proposed to ISA 800, Special Considerations—Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks, and ISA 805, Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts or…