SOLUTIONS LAB: ISA Implementation for SMPs

Event Details

DATE: December 9, 2013

TIME: 6:15 pm

Location:Video-Conference

International Standards on Auditing (ISA) Implementation for Small and Medium Practitioners (SMPs)

December 9-10, 2013

Washington, DC USA (Satellite Participation in Tunisia, Morocco, Djibouti, Yemen, Iraq, Lebanon, Jordan,  West Bank and Gaza, Egypt / via Regional Web-streaming)

The International Standards on Auditing (ISA) Implementation for Small and Medium Practitioners (SMPs)  Solutions Lab  Event was held on December 9-10, 2013 and attracted participation from over 200 attendees throughout the MENA region.

 

Organized in part as a response to the feedback received at the conclusion of the World Bank and MENA Micro-, Small-, and Medium Entity (MSME) Facility sponsored Exchange: Strengthening Accountancy as a Foundation for MSME Sector Growth and Job Creation Conference  held in June 2013 at the Dead Sea, Jordan, this event sought to address the need for additional support and assistance for MENA SMP development, especially in the area of standards implementation. To provide additional support in this area, MNAFM contacted three current and former members of IFAC’s SMP Committee and arranged for them to present and share their experiences on International Standards on Auditing (ISAs), including: Mr. Hechmi Abdelwahed (Tunisia), Mr. Phil Cowperthwaite (Canada), and Ms. Inge Saeys (Belgium). Additionally, IFAC SMP Committee Staff Mr. Christopher Arnold attended and shared in the question and answer sessions as well.

 

The format of the event included formal presentations by each of the three presenters,  followed by virtual participants then being invited to participate in an hour and a half interactive discussion session where each of the connected countries (Egypt, Yemen, Iraq, Lebanon, West Bank and Gaza, Jordan, Morocco, Tunisia, and Djibouti) was given the opportunity to give comments or ask questions of the experts or other participants. Presentations and discussions were translated into both the Arabic and French languages for ease of participation and featured live web-streaming for MENA countries without a live connection. 

 

Specific issue areas presented and addressed during this event included:

·         How to Use the International Federation of Accountants IFAC SMP Committee’s Guide to Using ISA in the Audits of Small- and Medium-Sized Entities;

·         Successfully Designing ISA Education and Training for SMPs;

·         Adding Value to Micro-entity SMP Clients;

·         Tailoring ISA to Micro-entity Audits: Which are the Relevant Standards?

·         Staffing Micro-entity Engagements: Increasing Audit Effectiveness  and Efficiency;

·         International Good Practice in Supporting SMPs: The Case of Belgium; and

·         Supporting SMP Access to Audit Software – Lessons Learned

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