EFAA Annual Report 2019 and Position Statement on Covid-19 Published

Brussels, May 12, 2020 – The European Federation of Accountants and Auditors for SMEs publishes its Annual Report 2019 and a position statement on COVID-19.

EFAA Annual Report 2019

Salvador Marin, EFAA President, explains “in 2019 EFAA has been working intensively to inform and connect with partners and stakeholders to highlight the high quality of services provided by small and medium-sized accountancy practices (SMPs), as well as to strengthen its position as the leading advocate for SMPs and SMEs in Europe”. Presidential elections, the celebration of EFAA 25th anniversary (1994-2019) as well as the approval of the new EFAA statute are three key activities that occurred in 2019.

EFAA achieved several of its objectives in 2019. The Digital Competency Maturity Model, a digital tool to help Small and Medium Sized Practices (SMPs) to evaluate and improve their digital competency was launched. This tool comprises a questionnaire that enables SMPs to rate their current level of maturity on digital competency, identify strong and weak areas and develop a road map.

As for important events, among others, EFAA hosted EFAA International Conference 2019 – Building the Digital Practice, a panel debate with MEPs on Reporting of NFI by SMEs and a joint member-only event on Evolving Needs of SMEs: the Profession’s Role?

Over the course of the past year, several reports were published such as Evidence on the value of audit for SMEs in Europe and micro-entity regime, just as statements and positions,  the SMEs priorities for new European Parliament

Extended External Reporting Assurance as well as a response to the consultation of EFRAG’s Euro Lab future plans. To keep all members permanently informed, there were released 21 issues of LFB Newsletter.

Regarding education and training, EFAA won a prestigious contract, in partnership with universities across Europe, to develop education and training materials on IR for SMEs.

EFAA’s position statement on COVID-19

Taking into account the intense activity that EFAA is carrying out in the field of COVID-19, EFAA did a complete survey of its member organisations, which, among other conclusions, has allowed it to share a clear position. Salvador Marín, EFAA President, says “EFAA’s position Statement reflects what EFAA and its member organisations believe to be the implications of the current crisis for the accountancy profession, the specific and important role of SMPs in supporting SMEs, and the future of the SMPs and the PAOs supporting them

EFAA has a particular and irreplaceable role to play in supporting its member organisations and, through them, SMPs. This role is essentially threefold: firstly, to provide a forum for fruitful exchanges and the development of best practice at the European level; secondly, to provide information to its members on European-level developments and policies; thirdly, and not least, again at the European level, to advocate in favour of SMPs.

Download here the news release