The IFAC Small- and Medium- Practices Advisory Group (SMPAG) welcomes the opportunity to provide input to the International Ethics Standards Board for Accountants (IESBA) Exposure Draft on the proposed revisions to the Code addressing tax planning and related services.

This tool will help professional accountancy organizations take leading roles in the anti-corruption fight in their jurisdictions. Global Fight, Local Actions: Anti-Corruption Advocacy Workbook for PAOs equips PAOs and accountancy profession leaders with the background and framework to craft bespoke approaches and messages that best fit their jurisdiction and needs.

The SMPAG supports the IAASB’s principles-based approach and limited number of requirements. We recognize the importance of the IAASB reacting to changes in the environment, including with advancements in different technologies being used both by auditors and entities they are auditing. We support the fact that ISA 500 (Revised) should apply to all information intended to be used as audit evidence, irrespective of its source. We also agree with the clarification that not all information is itself audit evidence.

As the IAASB will be aware, in its response to the ISA for LCE Exposure Draft and in multiple other letters, the SMPAG raised strong concerns in relation to group audits being excluded from the standard and the impact this could have on severely limiting its use. It therefore welcomes the IAASB reconsidering its decision and developing proposals that address audits of less complex groups. It also support the inclusion as a separate Part 10.

Overall, the Small and Medium Practices Advisory Group (SMPAG) generally supports the IAASB’s Proposed Strategy and Work Plan for 2024-2027.

IFAC's Financial Statements are prepared in accordance with International Public Sector Accounting Standards (IPSAS) and include an independent auditor’s report.

This is the seventh installment in the Anti-Money Laundering, The Basics series.

The series provides professional accountants with a better understanding of how money laundering works, the risks they face, and what they can do to mitigate these risks and make a positive contribution to the public interest. 

To be globally relevant, the series uses the risk-based approach of the Financial Action Task Force (FATF) – the global money laundering and terrorist financing watchdog -- as a starting point.

Accounting Technicians are part of the global accountancy profession, working across all sectors in financial management roles that are essential to a strong and sustainable accountancy profession, private and public sector organizations, and financial markets and economies. When Accounting Technicians, or ATs, are empowered with appropriate technical knowledge and practical skills—and valued by employers—they support the production of reliable financial and non-financial information that drives timely and informed decision making, and delivers transparency and accountability.