Statements of Membership Obligations (SMOs) 1-7 (Revised)
Date: 30.11.2017
Category: News from our partners
File 1: Statements of Membership Obligations (SMOs) 1-7 (Revised)

 Dear ACAP memebers,

We would like to let you  information the IFAC recently completed its revision of the Statements of Membership Obligations (SMOs), the revised SMOs include an applicability framework that provides specific guidance on how to address obligations where organizations have varying degrees of responsibility for an SMO area. For example, when a PAO has direct responsibility for setting auditing standards, it should comply with the SMO 3 by adopting and implementing International Standards on Auditing. If there are extenuating circumstances, the PAO is required to provide a satisfactory explanation of the situation.
As the revised SMOs become effective, members and associates should consider any actions that will need to be taken to address revised SMO requirements.
Statements of Membership Obligations (SMOs) 1-7 (Revised) can be downloaded in a file. 

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