To further help small and medium practices (SMPs) in the implementation of international standards, IFAC has published a Guide to Quality Control for Use by Small- and Medium-sized Practices. This non-authoritative implementation guide is intended to help SMPs understand and efficiently apply International Standard on Quality Control (ISQC) 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services, as redrafted under the IAASB's Clarity Project.
Developed by CGA-Canada for IFAC's Small and Medium Practices (SMP) Committee, the guide uses an integrated case study to illustrate how to implement the requirements of ISQC 1, and includes two sample firm policy manuals and key checklists and forms.
In December 2007, the committee published IFAC's first implementation guide, the Guide to International Standards on Auditing for Use in the Audits of Small- and Medium-sized Entities (ISA Guide). An updated version, to support the redrafted ISAs and accommodate feedback from users of the current edition, is scheduled for release in December 2009.