Small and Medium Practices

Small and Medium Practices

Small and medium-sized practices (SMPs) comprise the majority of accountancy practices worldwide and are, therefore, an important sector of the accounting profession. SMPs provide a wide range of professional services to their clients, and it is important that they remain abreast of relevant regulatory, professional and ethical developments to ensure the services provided are of a high quality.

This page brings together information and resources for SMPs on developments in professional and ethical standards for the accounting profession.

APES 320 Quality Management for Firms that provide Non-Assurance Services

Adoption considerations for SMPs

APESB has released a three-part video clip series on the reissued APES 320 Quality Management for Firms that provide Non-Assurance Services.

The first video clip, released in November 2022, outlines the history and the philosophy of the reissued 320. The second clip, released in January 2023, outlined the key revisions, and the third clip in March 2023 on adoption considerations for firms, including Small-to-Medium Practices (SMPs).

APESB also released a mapping table to assist firms in transitioning to the reissued APES 320.

Strengthening Auditor Independence requirements

CA ANZ Audit Conference - May 2024

On 15 May 2024, APESB CEO Channa Wijesinghe presented at the CA ANZ Audit Conference 2024 on Understanding Auditor Independence under the Code. The presentation covered independence requirements for group audit team members, Technology-related revisions to the Code, definitions of Listed Entities and Public Interest Entities, and the latest developments in the IESBA’s Sustainability Project.

Guide to Practice Management for SMPs

IFAC Resource

IFAC issues a guide to Practice Management for SMPs.  The Guide provides comprehensive guidance to help small- and medium-sized practices operate more efficiently in the increasingly complex and competitive global marketplace for professional services. The fourth edition is organized into eight stand-alone modules, with a comprehensive range of topics including:

  • Strategic planning
  • Practice models
  • Firm expansion
  • Managing staff
  • Leveraging technology
  • Client relationship management
  • Risk management
  • Succession planning

Leading sustainability

ACCA practical toolkits for SMEs and SMPs

In 2022, the ACCA released a professional insight report and a practical toolkit for SMEs and SMPs aimed at supporting accountants and guiding small businesses through their sustainability journey.


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