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The Forum of Firms |
| FoF Newswire |
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Forum of Firms Focuses on Enhancing Internal Quality Assurance Processes (October 8, 2009) |
Formally established in 2002, the Forum of Firms (FOF) is an association of international networks of accounting firms that perform audits of financial statements that are or may be used across national borders. Members of the Forum voluntarily agree to meet certain requirements as detailed in the FOF Constitution. Commitment to the obligations of membership in the Forum contributes to raising the standards of the international practice of auditing in the interest of users of the profession's services. A fact sheet summarizes the Forum's structure, role and responsibilities and membership requirements.
Structure
The FOF conducts its business primarily through the Transnational Auditors Committee (TAC), an IFAC committee whose members have been nominated by the members of the Forum.
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Member Requirements
Membership in the Forum is open to networks and to firms of all sizes that:
- Have transnational audit appointments or are interested in accepting such appointments;
- Promote the consistent application of high quality audit practices worldwide, including the use of International Standards on Auditing (ISAs);
- Support convergence of national audit standards with ISAs; and
- Agree to meet the Forum's membership obligations.
The Forum's membership obligations require that members:
- Maintain appropriate quality control standards in accordance with International Standards on Quality Control issued by the IAASB in addition to relevant national quality control standards and conduct, to the extent not prohibited by national regulation, regular globally coordinated internal quality assurance reviews;
- Have policies and methodologies for the conduct of transnational audits that are based, to the extent practicable, on ISAs;
- Have policies and methodologies which conform to the IFAC Code of Ethics for Professional Accountants and national codes of ethics; and
- Agree to submit to the Secretary of the Forum an annual report, in a form approved by the TAC, indicating that it meets the membership obligations set forth above.
International networks of firms practicing under the same name or whose member firms are otherwise closely identified with one another, such as through common elements in their name will be expected to join as one organization.
Membership of the Forum will include the obligation to provide resources to participate in the Forum's activities and to pay appropriate fees.
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Forum Register
Firms may participate in the Forum of Firms at three levels: affiliates, provisional member, and full member. A Register of Full Members, Provisional Members and Affiliates of the Forum is also available.
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Key Contacts
David Maxwell, Chairman, Forum of Firms
Barry Naik, Technical Manager, TAC/Member Body Development (barrynaik@ifac.org)
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