An 'audit is an audit'
An "audit is an Audit"; so agrees the International Federation of Accountants (IFAC). In its policy paper entitled IFAC's support for a single set of auditing standards, IFAC noted that it supports the approach taken by the IAASB to develop a single set of standards that can be applied to all audits - no matter how big or small the entity being audited. This is a view shared by the Australian standard-setter, the AUASB.
The policy paper also talks about the the initiatives of the IAASB and IFAC to address the needs of SMEs, one of which relates to the revision of the standard on review engagements. A consultation paper has been issued on the topic. It asks for any comments by 15 December 2008. So if this is a topic that interests you, and you want to give us your comments on the consultation paper, send them to professionalstandards@cpaaustralia.com.au