Presentation by Mr. Brian Bluhm, Deputy Chair, SMP Committee at IFAC SMP Forum, March 2012

1. Standard Setting for Smaller
Entities – a US Perspective
Brian Bluhm
Deputy Chair, SMP Committee
IFAC SMP Forum
Singapore
March 19, 2012
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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
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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
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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
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5. www.ifac.org