Small and Medium-size Practices

The International Federation of Accountants’ (IFAC) Small and Medium Practices (SMP) activities are supported by the Small and Medium Practices (SMP) Committee.

SMPs in South Africa may find the following publications useful in running their practices and in the audit of small and medium enterprises (SMEs).

These publications have not been issued as guidance in South Africa as they have not gone through the IAASB’s due process for development of International Standards.

Related communiques



Description Date Issued
Implementation Guidance
IFAC CAANZ Quality Management toolkit SMPs  
IFAC SMP Committee - Guide to Review Engagements (December 2013)  
Agreed-Upon Procedures Engagements - A growth and value opportunity  
Changes made to the IFAC Guide to Using ISAs in the Audits of Small-and Medium-Sized Entities – Fourth Edition  
Installation One: It is time to get ready for the new quality management standards  
Installation Two: Developing a detailed implementation plan  
How the IAASB's Proposed Quality Management Standards Are Scalable for SMP  
Guide to Using International Standards on Auditing in the Audits of Small- and Medium-Sized Entities, Fourth Edition 17 July 2018
Companion Manual: Guide to Quality Control for SMPs/Guide to Using ISAs in the Audits of SMEs/Guide to Review Engagements/Guide to Compilation Engagements 21 October 2015
Guide to Compilation Engagements 24 September 2015
Guide to Review Engagements 10 December 2013
Guide to Quality Control for Small and Medium-Sized Practices, Third Edition 31 July 2011
Practice Management Support
IFAC Guide to practice management for SMPs  
2015 MIA-IFAC Regional SMP Forum 10 December 2015
Pricing on Purpose: How to Implement Value Pricing in Your Firm, Parts I-III 09 June 2014
Social Media Marketing May Be the Key to Practice Profitability 23 October 2013
Guide to Practice Management for Small and Medium-Sized Practices 13 December 2012
Companion Manual: Guide to Practice Management for SMPs 19 January 2012
How to Build Your Business Advisory Practice 30 November 2011
How to Make Your Small Practice a Big Success: Practice Management Tips for SMPs 31 July 2011
Business Advisory Practice Development
The Role of SMPs in Providing Business Support to SMEs: New Evidence 14 September 2016
7 Tips for Accountants on Supporting the Globalisation of Small Business 01 August 2013
Good Practice Checklist for Small Business 12 May 2013
Sustainability: Challenges and Opportunities for SMPs and SMEs 09 April 2013
Tomorrow’s Firm and the Role of Value Pricing 28 February 2013
The Role of SMPs in Greening Small Business 12 January 2012
How to Build Your Business Advisory Practice 30 November 2011