: ISA survey - first phase...
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EFAA has completed the first phase of its ISA survey
The regulatory changes the accountancy profession faces regularly require a substantial effort. In some instances though, it can be translated into new professional opportunities especially if the threads are successfully mitigated by good institutional and professional preparation to address the changes. The prospects of introducing International Standards on Auditing (ISA) in Europe may have a strong impact on the audit practices and firms. That is the reason why EFAA decided to anticipate such important change and launched a consultation on "ISAs - from challenge to opportunities?" that came to a close mid-February with more than 300 answers received.
The aim was to understand the perception by SMPs of the possible adoption of the ISAs in the European Union, and to identify at an early stage the level of preparation that will be needed should ISA become SMPs' daily reality as well as to estimate the potential educational gap.
EFAA has now completed the first phase of the study and has released the preliminary results. The preliminary findings show that it is necessary to raise awareness and circulate relevant information to SMPs so that they are not taken aback if/when ISAs are implemented in the EU. They also show that the availability of ISAs translated into national languages and properly implemented softwares are of the utmost importance.
The study is now entering its second phase, which will consist in proceeding to a deeper analysis of the results by running sound interviews with small European practitioners.
EFAA is working in parallel with the European Institutions on the adoption of ISAs in the EU and the study should be finalised at a time that will allow a consistent EFAA answer to the upcoming European Commission consultation on ISAs' adoption.
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