Updated Practical Support and Guidance for Small Business Audits

17th October 2018

MGI World

IFAC (International Federations of Accountants) has updated the Guide to Using ISAs in the Audits of SMEs, Fourth Edition (the Guide) to help firms efficiently and proportionally apply ISAs on SME audits.

This fourth edition has been updated to reflect recent changes to ISAs, including International Auditing and Assurance Standards Board (IAASB) projects on:

- Auditor Reporting
- Disclosures
- The Auditor’s Responsibilities Relating to Other Information
- Using the Work of Internal Auditors

The Guide is designed for use by all practitioners.

Volume 1 covers the fundamental concepts of a risk-based audit in conformance with the ISAs:

Volume 2 contains practical guidance on performing SME audits, including two illustrative case studies - one of an SME audit and one of a micro-entity audit:


Don't forget to connect with MGI Worldwide on social media!

You can stay in touch and keep up-to-date with what's happening across the MGI Worldwide international network on LinkedIn, Facebook, Twitter, and more recently on our NEW YouTube channel, where we post new updates regularly. Simply search "MGI Worldwide" and click to Follow us, and subscribe to our new YouTube channel to help us reach 100 subscribers or more.

MGI Worldwide is a top 20-ranked international accounting network, with some 5,000 independent auditors, accountants and tax experts, in more than 260 locations around the world.

Read more on Industry news

MGI World Europe to unmask company and trust owners

Europe to unmask company and trust owners

27th February 2014

The ultimate owners of companies and trusts will be listed in public registers in European Union...

MGI World Businesses cool on integrated reporting

Businesses cool on integrated reporting

27th February 2014

Most companies are waiting to see who moves first on integrated reporting (IR) before making the...

MGI World White House seeks tighter overseas tax control

White House seeks tighter overseas tax control

27th February 2014

The White House is proposing tougher tax rules for American corporations using hybrid structures to...