Guidance for SMPs Coping with the Crisis

2020-04-07 - 11:52

Source: EFAA

SMPs are also struggling to cope with the crisis and need guidance on how to sustain their practice and operate as normally as possible. Here is some free guidance for SMPs sourced from around Europe and the rest of the world:

  • COVID-19 Resources from IFAC’s Network – this dedicated webpage has essential resources, guidance and advice from IFAC member organizations and other stakeholders to help support professional accountants.
  • AICPA (US) Coronavirus Resource Centre – Barry Melancon, AICPA CEO believes the profession has a great opportunity to make a significant positive impact on the economy and be a calming force. The AICPA’s dedicated resource centre has news, virtual learning (some free for non-AICPA members), learning resources and more, much of directed at SMPs. This AICPA (US) article advises on steps to take to preparing clients and protect the practice, the latter part useful for SMPs everywhere. This free webcast led by an IAASB Board Member (on various dates in April 2020) looks at conducting remote audits and will discuss remote auditing considerations, including which areas need extra attention. This free webcast looks at how finance can manage the uncertainty of COVID19 and will discuss the critical issues business leaders are facing and will share practical suggestions to help you and your team navigate this pandemic. 
  • Remote Working – many SMPs and their SME clients are now working remotely. This article provides some guidance on managing remote workers while this article provides 4 tips on remote working. In this podcast (with transcript) from a partner who led their firm's response to Hurricane Katrina learn best practices for working through disruption. Here are four strategies for managing remote workers related to issues such as onboarding and engagement. This article looks at how individuals can help their team while working remotely. Finally, video-conferencing company Zoom has suggestions for preventing strangers ‘crashing’ meetings.
  • Software Services to Keep Practice Running – this ICAS article explains 5 software services to help keep your practice running through the COVID-19 pandemic.
  • Impact of Virus on Audit of Financial Statements – in this statement CEAOB emphasises the areas that are of high importance in view of Covid-19 impact on audits of financial statements.
  • Crisis Planning for Practices - this article stresses the need for firms to have a crisis management plan.