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 Small- and Medium-Sized Practices (QC Guide). Intended to help SMPs successfully and cost effectively implement International Standard on Quality Control (ISQC) 1, the third edition of the guide features enhancements to the two sample manuals as well as other refinements for clarity and consistency with ISQC 1.
First released in 2009 and developed with CGA-Canada, the guide contains the requirements set out in the standard in addition to implementation guidance, including discussion material and a case study that can be used as a basis for training. It also contains a range of tools, including checklists and two sample manuals, which 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. The guide is intended to help mitigate that burden and help SMPs obtain the most benefit from implementing the standard,” says SMP Committee Chair Sylvie Voghel. “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.”
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