Updated IFAC Guide to the Audit of SMEs

The Small and Medium Practices (SMP) Committee of the International Federation of Accountants (IFAC) has published the third edition of its Guide to Using International Standards on Auditing in the Audits of Small- and Medium-Sized Entities. The implementation guide is intended to help practitioners understand and efficiently apply the clarified International Standards on Auditing (ISAs) to audits of small- and medium-sized entities (SMEs).

The updated guide is broken into two volumes. Volume 1 covers the core concepts of a risk-based audit; Volume 2 contains practical guidance on performing SME audits, including two case studies.