1. International Federation of Accountants A Small and Medium Practices Perspective Sylvie Voghel, Chair, SMP Committee IFAC-EBA Conference Tallinn, Estonia September 9, 2009

2. Importance of SMEs and SMPs In EU firms with less than 250 employees account for 66% of all private sector jobsIn EU firms with less than 250 employees account for 66% of all private sector jobs Essential for job creation, social cohesion, innovation and growthEssential for job creation, social cohesion, innovation and growth IFAC Global Leadership Survey 2008:IFAC Global Leadership Survey 2008: “The most important issue facing the profession in 2009 is addressing the needs of SMEs and SMPs” “The most important issue facing the profession in 2009 is addressing the needs of SMEs and SMPs” General

3. Importance of SMEs and SMPs Slump in demandSlump in demand Access to financeAccess to finance Managing costsManaging costs CompetitionCompetition Tighter and more complex regulationTighter and more complex regulation Challenging Times

4. Importance of SMEs and SMPs Uniquely placed to help SMEsUniquely placed to help SMEs Allies of SMEs, sharing same challengesAllies of SMEs, sharing same challenges Help SMEs perform better and comply with regulationHelp SMEs perform better and comply with regulation Business support servicesBusiness support services Special role in SME financingSpecial role in SME financing Role of SMPs

5. SMP Committee’s Support for SMEs and SMPs Building the capacity of SMPs to support SMEsBuilding the capacity of SMPs to support SMEs Helping member bodies to help their SMPsHelping member bodies to help their SMPs Help to shape form and content of international standardsHelp to shape form and content of international standards Provide practical supportProvide practical support –Build capacity to implement standards –Help to manage proficiently –Help to remain relevant General

6. SMP Committee’s Support for SMEs and SMPs IFAC Policy Position on Single Set of Auditing StandardsIFAC Policy Position on Single Set of Auditing Standards Clarified ISAsClarified ISAs Communication and implementation support initiativesCommunication and implementation support initiatives Standard Setting - IAASB

7. SMP Committee’s Support for SMEs and SMPs Clarity ISA implementation monitoringClarity ISA implementation monitoring Impact analysisImpact analysis Revision of review and compilation engagement standardsRevision of review and compilation engagement standards Revised & redrafted IFAC Code of Ethics for Professional AccountantsRevised & redrafted IFAC Code of Ethics for Professional Accountants IFRS for Small and Medium-sized EntitiesIFRS for Small and Medium-sized Entities Standard Setting – IAASB and Other

8. Practical Support High quality and free to download guidesHigh quality and free to download guides –Guide to Using ISAs in the Audits of SMEs –Guide to Quality Control for Use by SMPs –Guide to Practice Management for Use by SMPs –The Role of SMPs in Providing Business Support Services to SMEs Guidance

9. Practical Support See http://www.ifac.org/SMP/See http://www.ifac.org/SMP/http://www.ifac.org/SMP/ PublicationsPublications IFACnet portalIFACnet portal SMP eNewsSMP eNews Relevant linksRelevant links Global Crisis Resource CenterGlobal Crisis Resource Center Discussion boardDiscussion board International Center for SMPs