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Updated Practical Support and Guidance for Small Business Audits

17th October 2018

MGI World IFAC ISAs

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:

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