New business challenges to small and medium practices (SMPs)
LEAF Quality Systems (Pty) Ltd2025-05-29T15:08:15+02:00What’s News? Your Content Goes Here With increasing regulatory demands, many small and medium-sized audit practices (SMPs) have shifted their focus almost entirely to compliance — often at the expense of essential business practices. While ISQM 1 and ISQM 2 introduce some business-aligned principles, they are frequently applied in a narrow, compliance-driven manner, rather than being integrated into the firm's broader operations. To truly benefit, firms should approach these requirements by asking, ‘What is the purpose?’, ‘What processes already address this?’ and ‘How can we adapt them to support both business efficiency and audit quality?’ Beyond the standards, [...]