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.
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.
On 24 May 2023, APESB CEO Channa Wijesinghe and Principal Jacinta Hanrahan presented at the CA ANZ Audit Conference on strengthening the Auditor Independence requirements. The presentations covered the key changes to the Code relating to Non-Assurance Services, Fees, and the definitions of Listed Entity and Public Interest Entity.
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:
Access APESB pronouncements on the go.