IFAC updates policy statement on audits
12 Mar 2012
The International Federation of Accountants (IFAC) has released a revised version of its Policy Position Paper 2, entitled 'A Single Set of Auditing Standards: Audits Of Small- And Medium-Sized Entities'.
Policy Position Paper 2 was first issued by IFAC in 2008 and this updated version reaffirms IFAC's view that a single set of auditing standards that can be applied to all audits is in the public interest.
The main revisions to the position paper include updated references to:
- the clarified International Statements on Auditing (ISAs)
- other standards that the International Auditing and Assurance Standards Board (IAASB) has issued and that are relevant to small and medium practitioners
- tools and guidance made available to practitioners by IFAC and the IAASB.
Click for IFAC press release (link to IFAC website).