13 Feb 2014
The most recent IFAC SMP Quick Poll of small- and medium-sized accounting practices (SMPs) indicated that fewer of their small business clients are burdened by economic uncertainty, perhaps suggesting a more favorable economic climate and signaling future growth in this sector.
Respondents were generally supportive regarding the International Auditing and Assurance Standards Board’s 2013 Auditor Reporting Exposure Draft, which proposed significant changes to auditor reporting. While only a small minority thought unlisted entities would voluntarily opt to disclose key audit matters, most agreed with the proposal to require a statement on going concern in all audit reports.
The poll also shed light on the value of various services and projections for their relative growth. Accounting compilation and other non-assurance/related services proved to be the fastest growing sources of revenue for SMPs, by a significant margin, over audit and assurance. Roughly half of the respondents acknowledged the value of integrated reporting to small- and medium-sized entities (SMEs), and about half predict that within five years, SME clients will ask for assistance with integrated reporting.
For additional findings and a complete summary of results, see the IFAC SMP Quick Poll, 2013 Year-End Round-Up or the PDF of Findings here. Intended as a snapshot of key issues facing this sector, the poll provides practitioners operating in small- and medium-sized practices (SMPs) around the world the opportunity to share their insights on key trends and developments facing them and their small business clients. Due to unbalanced response rates by region, results may not be statistically representative of global or regional populations of SMPs.
This report provides a summary and, where appropriate, analysis and commentary including possible limitations of the data from the poll conducted November 15-December 31, 2013. This edition of the poll received 3,709 responses and was conducted in 17 languages.
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