The International Federation of Accountants (IFAC) on October 31, 2006, that it is seeking proposals for the development of an explanatory guide on implementing International Standard on Quality Control (ISQC) 1 the guide is related to small and medium-seized practices (SMPs) that perform Audits and Reviews of Historical Financial Information, and other Assurance and Related Services.
This guide aims at helping SMPs around the world to understand, comply with, and apply ISQC 1. In addition to that, its purpose is establishing standards and providing guidance regarding Firms’ responsibilities for its system of quality control for audits and reviews of historical financial information, and other assurance and related services.
IFAC Chief Executive Ian Ball stated, “We envisage the guide being of particular benefit to auditors in those countries where the profession is at an early stage of development, but we believe it will be also of value in developed countries.”
The specifications for the Request for Proposal: Development of a Guide to Quality Control for Use by Small and Medium Practices are available on IFAC's SMP Committee's home page (http://www.ifac.org/smp).
IFAC is the worldwide organization for the accountancy profession dedicated to serve the public interest by strengthening the profession and contributing to the development of strong international economies.
For more information please visit the following website: www.ifac.org