Brian Bluhm - Standard Setting for Smaller Entities – a US Perspective
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This document discusses standard setting for smaller entities from a US perspective. It notes that in the US there is no audit threshold for non-issuers and listed entities, and that standard setting involves multiple bodies, including the PCAOB, AICPA, and GAO. For SMPs, this can pose challenges as they often serve clients under different standards. The document also outlines how SMPs provide input to the standard setting process in the US through organizations like the AICPA.
Brian Bluhm - Standard Setting for Smaller Entities – a US Perspective
- 1. Standard Setting for Smaller Entities – a US Perspective Brian Bluhm Deputy Chair, SMP Committee IFAC SMP Forum Singapore March 19, 2012 Page 1 | Confidential and Proprietary Information
- 2. US Standard Setting Environment • No audit thresholds for non-issuers/listed entities • Multiple standard-setting bodies • Increasing amount of attention paid to SMPs/SMEs – Auditing standards – adoption of ISA Clarity format – Accounting standards – recommendation of Blue Ribbon Panel Page 2 | Confidential and Proprietary Information
- 3. SMP Challenges • Multiple Standard Setting Bodies – Public Company Accounting Oversight Board – Listed Entities – American Institute of Certified Public Accountants (AICPA) • Auditing Standards Board – Private company auditing/attestation standards • Accounting and Review Services Committee – Private company review and compilation standards – Government Accountability Office – Governmental entity auditing standards • Challenge for SMPs – Many SMPs serve two or more of these types of clients Page 3 | Confidential and Proprietary Information
- 4. SMP Input to Standard Setting • AICPA – Following the lead of the IAASB • Adoption of ISA clarity format • Discussion of methods to monitor implementation – Practitioner input – Technical Issues Committee – SMP Representation • Standard setting bodies • Project task forces Page 4 | Confidential and Proprietary Information
- 5. www.ifac.org