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IFAC updates policy statement on audits

Mar 12, 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).