EFAA Overview

Focusing on SMEs through SMPs

The European Federation of Accountants and Auditors for small and medium-sized enterprises (EFAA) is an umbrella organisation for national accountants and auditors' organisations whose individual members provide professional services primarily to SMEs within the European Union and Europe as a whole. It was founded in 1994.

EFAA has 17 members throughout Europe representing over 320,000 accountants, auditors and tax advisors.

EFAA is a member of the European Union of Crafts Small and Medium-sized Enterprises (UEAPME) and a founding member of the European Financial Reporting Advisory Group (EFRAG).

Small and medium-sized accounting practices (SMPs) are European SMEs' most important business advisors. They help entrepreneurs gain access to finance, and they provide valued business advice allowing them grow their businesses sustainably.

SMEs have a number of specificities. An important characteristic is that most of their business relations are based on very close personalised cooperation and mutual trust. Hence, their accountants and auditors need to provide targeted services to accommodate the individual needs of SMEs and of the users of their financial statements.

Most of the accounting and auditing rules and standards are set up at EU or international level, and are often inspired by large companies and oriented towards their needs. This is why EFAA, the big voice for small business, strives to redress this imbalance and better represent SMEs' and SMPs' interests by providing the regulators with an in-depth knowledge and perspective of small businesses.