Introduction to downscaled risk based SME audit process

Since 2010 IFAC has published two important guides regarding implementing of international auditing standards to audits of SME-entities: ‘Guide to Using ISAs in the Audits of Small- and Medium-Sized Entities’ (IFAC’s ISA SME-Guide) and ‘Guide to Quality Control for Small- and Medium-Sized Practices (IFAC’s ISQC 1 SMP-Guide).

I have been member of the translation groups of both these guides and in this role I have become deeply familiar with the contents of these guides. On this background I have written an article published in Finnish as ‘second opinion’ in the last number of 2014 of the professional ‘Balanssi’-journal treating the importance of SME-entities as subjects of audits and corresponding needs to develop ISA-standards. The message of this article is the same as in my PowerPoint presentation explained below. 

Kari W. Saari, KHT

Introduction (1 page)

Presentation (75 images)

IFAC risk based audit process (1 page)

Old ISRE appendix (8 pages)