The SMP Committee publish its second non-authoritative implementation guide, Guide to Quality Control for Use by Small- and Medium-sized Practices (QC Guide) on March 9. See http://www.ifac.org/MediaCenter/?q=node/view/624.
The 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. It can be downloaded free-of-charge from the resources-publications section of the International Center for SMPs (see http://www.ifac.org/smp/index.php#Resources). A word version is provided to make for easy translation and adaptation.
Let us know what you think of the Guide. In particular, we welcome views on the following questions.
1. How do you use the Guide? For example, do you use it as a basis for training and/or as a practical reference guide, or in some other way?
2. Is the cross-referencing to ISQC1 sufficient for easy use while reading the Guide?
3. Do you believe that the Guide has appropriately integrated all of the relevant standards into the quality control process? Are there elements you would like to see added to or deleted from the Guide?
4. Do you consider the Guide to be responsive to the key firm level issues of quality control for small- and medium-sized practices?
5. Do you find the Guide easy to navigate? If not, can you suggest how navigation can be improved?
6. In what other ways do you think the Guide can be made more useful?
7. Are you aware of any derivative products - such as training materials, forms, checklists, and programs - that have been developed based on the Guide? If so, please provide details.